Mizuho Forecasts Strong Price Appreciation for Harmony Biosciences (NASDAQ:HRMY) Stock

Key Points

• Mizuho raised Harmony Biosciences’ price target to $51 from $50 and maintained an “outperform” rating, implying 46.64% upside from the stock’s $34.78 price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $42.62; HC Wainwright issued the highest target at $55.
• Harmony’s latest quarter missed earnings and revenue estimates, although revenue increased 16.6% year over year. Institutional investors own a substantial 86.23% of the company.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) had its price target hoisted by analysts at Mizuho from $50.00 to $51.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Mizuho's price objective would suggest a potential upside of 46.64% from the company's current price.

Several other brokerages also recently issued reports on HRMY. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Harmony Biosciences from $30.00 to $36.00 and gave the stock a "hold" rating in a research report on Tuesday, June 30th. Truist Financial increased their target price on shares of Harmony Biosciences from $25.00 to $29.00 and gave the stock a "hold" rating in a research note on Friday, May 8th. Weiss Ratings raised Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. Zacks Research upgraded Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. Finally, HC Wainwright restated a "buy" rating and issued a $55.00 price target on shares of Harmony Biosciences in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Harmony Biosciences currently has a consensus rating of "Moderate Buy" and an average price target of $42.62.

Harmony Biosciences Stock Performance

HRMY traded down $1.08 during trading on Friday, hitting $34.78. 194,925 shares of the stock were exchanged, compared to its average volume of 850,887. The company has a quick ratio of 3.56, a current ratio of 3.58 and a debt-to-equity ratio of 0.15. Harmony Biosciences has a 1-year low of $25.52 and a 1-year high of $40.87. The stock has a fifty day moving average price of $34.38 and a two-hundred day moving average price of $32.54. The firm has a market capitalization of $2.01 billion, a P/E ratio of 14.04, a PEG ratio of 0.33 and a beta of 0.94.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.21). The firm had revenue of $215.39 million during the quarter, compared to analyst estimates of $220.84 million. Harmony Biosciences had a net margin of 16.20% and a return on equity of 17.19%. Harmony Biosciences's revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 earnings per share. As a group, sell-side analysts predict that Harmony Biosciences will post 3.3 earnings per share for the current year.

Hedge Funds Weigh In On Harmony Biosciences

Large investors have recently bought and sold shares of the company. Amundi boosted its holdings in shares of Harmony Biosciences by 115.6% in the first quarter. Amundi now owns 39,668 shares of the company's stock valued at $1,229,000 after acquiring an additional 21,266 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Harmony Biosciences by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,651 shares of the company's stock valued at $752,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC acquired a new stake in Harmony Biosciences in the first quarter valued at about $2,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Harmony Biosciences by 53.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 95,389 shares of the company's stock valued at $3,166,000 after purchasing an additional 33,058 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Harmony Biosciences by 9.8% in the 2nd quarter. Cetera Investment Advisers now owns 8,404 shares of the company's stock valued at $266,000 after purchasing an additional 748 shares in the last quarter. Hedge funds and other institutional investors own 86.23% of the company's stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company's mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company's flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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