Harmony Biosciences (NASDAQ:HRMY) Hits New 1-Year Low - What's Next?

Key Points

• Harmony Biosciences shares hit a new 52-week low of $26.13, reflecting a decline from a previous closing price of $27.05.
• Analysts have adjusted their expectations, with Deutsche Bank reducing its price target from $54.00 to $36.00 while maintaining a "buy" rating, and other firms also setting lower target prices.
• The company's recent earnings report showed a missed EPS estimate of $0.68 compared to the anticipated $0.78, highlighting challenges in revenue growth despite a year-over-year increase.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $26.13 and last traded at $26.44, with a volume of 221207 shares changing hands. The stock had previously closed at $27.05.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HRMY. Deutsche Bank Aktiengesellschaft decreased their price objective on Harmony Biosciences from $54.00 to $36.00 and set a "buy" rating for the company in a research note on Thursday, September 25th. The Goldman Sachs Group started coverage on Harmony Biosciences in a research report on Thursday, July 10th. They set a "neutral" rating and a $33.00 target price on the stock. Mizuho cut their target price on Harmony Biosciences from $50.00 to $35.00 and set an "outperform" rating on the stock in a research report on Thursday, September 25th. Truist Financial initiated coverage on Harmony Biosciences in a research report on Monday, July 21st. They set a "buy" rating and a $48.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Harmony Biosciences in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Harmony Biosciences currently has an average rating of "Moderate Buy" and an average target price of $45.50.

Harmony Biosciences Stock Performance

The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 8.52, a price-to-earnings-growth ratio of 0.33 and a beta of 0.79. The company has a quick ratio of 3.80, a current ratio of 3.84 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average price of $33.63 and a 200-day moving average price of $33.02.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Harmony Biosciences had a net margin of 23.44% and a return on equity of 26.34%. The company had revenue of $200.49 million during the quarter, compared to analyst estimates of $204.37 million. During the same period in the previous year, the firm posted $1.05 EPS. The company's revenue for the quarter was up 16.0% on a year-over-year basis. Harmony Biosciences has set its FY 2025 guidance at EPS. On average, analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Institutional Trading of Harmony Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its position in Harmony Biosciences by 16.5% during the second quarter. American Century Companies Inc. now owns 1,501,420 shares of the company's stock worth $47,445,000 after buying an additional 212,633 shares during the period. LSV Asset Management increased its stake in Harmony Biosciences by 24.6% during the second quarter. LSV Asset Management now owns 1,488,502 shares of the company's stock worth $47,037,000 after acquiring an additional 293,541 shares during the last quarter. Marshall Wace LLP increased its stake in Harmony Biosciences by 36.3% during the second quarter. Marshall Wace LLP now owns 1,209,484 shares of the company's stock worth $38,220,000 after acquiring an additional 321,947 shares during the last quarter. Geode Capital Management LLC increased its stake in Harmony Biosciences by 9.2% during the second quarter. Geode Capital Management LLC now owns 1,054,348 shares of the company's stock worth $33,321,000 after acquiring an additional 88,598 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Harmony Biosciences by 127.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 906,909 shares of the company's stock worth $28,658,000 after acquiring an additional 508,498 shares during the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.

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