Harmony Biosciences (NASDAQ:HRMY) Price Target Lowered to $55.00 at HC Wainwright

Key Points

• Harmony Biosciences' target price was lowered from $70.00 to $55.00 by HC Wainwright, indicating a potential upside of 105.53% from its current price, while maintaining a "buy" rating.
• The company reported $0.68 earnings per share for the latest quarter, falling short of estimates, with revenue of $200.49 million compared to expected $204.37 million.
• Multiple research firms have varying ratings and price targets for Harmony Biosciences, with the consensus price target now at $48.70.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) had its target price cut by HC Wainwright from $70.00 to $55.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's target price would indicate a potential upside of 105.53% from the company's current price.

A number of other research firms also recently weighed in on HRMY. Needham & Company LLC cut their price target on shares of Harmony Biosciences from $48.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday. Truist Financial assumed coverage on shares of Harmony Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $48.00 price target on the stock. The Goldman Sachs Group assumed coverage on shares of Harmony Biosciences in a research note on Thursday, July 10th. They set a "neutral" rating and a $33.00 price target on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $55.00 price target (up previously from $54.00) on shares of Harmony Biosciences in a research note on Thursday, July 10th. Finally, Oppenheimer initiated coverage on shares of Harmony Biosciences in a research note on Monday, June 2nd. They set an "outperform" rating and a $61.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Harmony Biosciences has an average rating of "Buy" and a consensus price target of $48.70.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $26.76 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.80 and a current ratio of 3.84. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 0.38 and a beta of 0.84. The company's 50 day simple moving average is $35.26 and its 200 day simple moving average is $33.46. Harmony Biosciences has a 1 year low of $26.47 and a 1 year high of $41.61.

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

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently made changes to their positions in the business. Financial Management Professionals Inc. purchased a new stake in Harmony Biosciences during the 1st quarter worth $29,000. Brooklyn Investment Group increased its stake in Harmony Biosciences by 1,031.9% during the 1st quarter. Brooklyn Investment Group now owns 1,064 shares of the company's stock worth $35,000 after buying an additional 970 shares during the period. Parkside Financial Bank & Trust increased its stake in Harmony Biosciences by 4,185.2% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,157 shares of the company's stock worth $37,000 after buying an additional 1,130 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Harmony Biosciences during the 1st quarter worth $57,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Harmony Biosciences by 15.6% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,218 shares of the company's stock worth $70,000 after buying an additional 299 shares during the period. Hedge funds and other institutional investors own 86.23% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.