Needham & Company LLC Has Lowered Expectations for Harmony Biosciences (NASDAQ:HRMY) Stock Price

Key Points

• Needham & Company LLC has lowered its target price for Harmony Biosciences (NASDAQ:HRMY) from $48.00 to $41.00 while maintaining a "buy" rating, indicating a potential upside of 42.88% from current prices.
• The stock price of Harmony Biosciences recently fell 10.5% during trading, hitting $28.70, amid a mixed performance in earnings, where it missed EPS estimates.
• Despite the price drop, the consensus rating for Harmony Biosciences remains a "buy," with various analysts' target prices ranging from $33.00 to $61.00.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) had its target price reduced by equities researchers at Needham & Company LLC from $48.00 to $41.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective points to a potential upside of 42.88% from the stock's current price.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $55.00 target price (up previously from $54.00) on shares of Harmony Biosciences in a research note on Thursday, July 10th. Oppenheimer assumed coverage on Harmony Biosciences in a research note on Monday, June 2nd. They issued an "outperform" rating and a $61.00 target price on the stock. Truist Financial assumed coverage on Harmony Biosciences in a research note on Monday, July 21st. They issued a "buy" rating and a $48.00 target price on the stock. Wall Street Zen raised Harmony Biosciences from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, The Goldman Sachs Group assumed coverage on Harmony Biosciences in a research report on Thursday, July 10th. They set a "neutral" rating and a $33.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Harmony Biosciences currently has a consensus rating of "Buy" and a consensus price target of $50.20.

Harmony Biosciences Trading Down 10.5%

NASDAQ:HRMY traded down $3.38 during mid-day trading on Wednesday, hitting $28.70. The company had a trading volume of 840,362 shares, compared to its average volume of 666,730. Harmony Biosciences has a fifty-two week low of $26.47 and a fifty-two week high of $41.61. The business's fifty day moving average is $35.43 and its two-hundred day moving average is $33.51. 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 firm has a market cap of $1.65 billion, a P/E ratio of 9.28, a P/E/G ratio of 0.38 and a beta of 0.84.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate 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 company posted $1.05 EPS. The company's quarterly revenue was up 16.0% compared to the same quarter last year. Harmony Biosciences has set its FY 2025 guidance at EPS. As a group, research analysts expect that Harmony Biosciences will post 2.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HRMY. Boston Partners bought a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $19,398,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Harmony Biosciences by 127.6% during the 2nd 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 period. New Vernon Capital Holdings II LLC boosted its stake in shares of Harmony Biosciences by 3,219.0% during the 1st quarter. New Vernon Capital Holdings II LLC now owns 488,424 shares of the company's stock worth $16,211,000 after acquiring an additional 473,708 shares during the period. Nomura Holdings Inc. boosted its stake in shares of Harmony Biosciences by 382.3% during the 2nd quarter. Nomura Holdings Inc. now owns 422,919 shares of the company's stock worth $13,364,000 after acquiring an additional 335,237 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Harmony Biosciences by 36.3% during the 2nd 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 period. 86.23% of the stock is currently owned by 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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