Harmony Biosciences (NASDAQ:HRMY) Reaches New 12-Month Low on Analyst Downgrade

Key Points

• Harmony Biosciences (NASDAQ: HRMY) reached a new 12-month low after Deutsche Bank downgraded the stock's price target from $54 to $36 while maintaining a buy rating.
• The stock's performance is being influenced by various analysts, with a current average target price of $46.80 and ratings ranging from strong buy to hold.
• Despite recent challenges, Harmony Biosciences reported a revenue increase of 16% year-over-year, though it missed earnings expectations for the latest quarter.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report)'s share price reached a new 52-week low during trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $54.00 to $36.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Harmony Biosciences traded as low as $26.43 and last traded at $26.54, with a volume of 241265 shares. The stock had previously closed at $26.76.

A number of other equities research analysts have also recently commented on HRMY. Oppenheimer started coverage on shares of Harmony Biosciences in a report on Monday, June 2nd. They issued an "outperform" rating and a $61.00 price target on the stock. The Goldman Sachs Group initiated coverage on shares of Harmony Biosciences in a research note on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price objective for the company. HC Wainwright reduced their price objective on shares of Harmony Biosciences from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday. Needham & Company LLC reduced their price objective on shares of Harmony Biosciences from $48.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Truist Financial initiated coverage on shares of Harmony Biosciences in a research note on Monday, July 21st. They issued a "buy" rating and a $48.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $46.80.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Texas Permanent School Fund Corp raised its stake in Harmony Biosciences by 28.4% in the second quarter. Texas Permanent School Fund Corp now owns 34,732 shares of the company's stock worth $1,098,000 after buying an additional 7,686 shares in the last quarter. Cim LLC increased its stake in shares of Harmony Biosciences by 5.7% during the second quarter. Cim LLC now owns 13,641 shares of the company's stock valued at $431,000 after purchasing an additional 730 shares in the last quarter. State of Wyoming increased its stake in shares of Harmony Biosciences by 41.2% during the second quarter. State of Wyoming now owns 8,885 shares of the company's stock valued at $281,000 after purchasing an additional 2,591 shares in the last quarter. Hohimer Wealth Management LLC bought a new position in shares of Harmony Biosciences during the second quarter valued at approximately $261,000. Finally, Nomura Holdings Inc. increased its stake in shares of Harmony Biosciences by 382.3% during the second quarter. Nomura Holdings Inc. now owns 422,919 shares of the company's stock valued at $13,364,000 after purchasing an additional 335,237 shares in the last quarter. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Stock Down 1.2%

The stock's 50 day simple moving average is $35.26 and its two-hundred day simple moving average is $33.46. The firm has a market cap of $1.52 billion, a P/E ratio of 8.57, a P/E/G ratio of 0.38 and a beta of 0.84. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.84 and a quick ratio of 3.80.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.68 earnings per share 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 business had revenue of $200.49 million for the quarter, compared to the consensus estimate of $204.37 million. During the same period in the prior year, the business posted $1.05 EPS. Harmony Biosciences'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. As a group, research analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current year.

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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