The Goldman Sachs Group Initiates Coverage on Harmony Biosciences (NASDAQ:HRMY)

The Goldman Sachs Group began coverage on shares of Harmony Biosciences (NASDAQ:HRMY - Get Free Report) in a research note issued to investors on Thursday. The firm set a "neutral" rating and a $33.00 price target on the stock. The Goldman Sachs Group's price objective suggests a potential downside of 5.32% from the company's current price.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $49.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, May 6th. HC Wainwright reaffirmed a "buy" rating and issued a $70.00 price target on shares of Harmony Biosciences in a report on Tuesday, April 8th. Mizuho boosted their price target on shares of Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Oppenheimer began coverage on shares of Harmony Biosciences in a report on Monday, June 2nd. They issued an "outperform" rating and a $61.00 target price on the stock. Finally, Cantor Fitzgerald upgraded shares of Harmony Biosciences to a "strong-buy" rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $51.33.

Harmony Biosciences Stock Up 1.6%

HRMY stock traded up $0.57 during midday trading on Thursday, hitting $34.86. The company's stock had a trading volume of 41,970 shares, compared to its average volume of 630,784. The company has a quick ratio of 3.63, a current ratio of 3.67 and a debt-to-equity ratio of 0.22. Harmony Biosciences has a 52-week low of $26.47 and a 52-week high of $41.61. The firm has a market capitalization of $2.00 billion, a P/E ratio of 13.30, a PEG ratio of 0.48 and a beta of 0.83. The firm has a 50-day simple moving average of $33.42 and a 200-day simple moving average of $33.88.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.59 by $0.19. The firm had revenue of $184.73 million for the quarter, compared to analyst estimates of $184.26 million. Harmony Biosciences had a net margin of 20.53% and a return on equity of 24.32%. Harmony Biosciences's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period last year, the business earned $0.67 EPS. As a group, equities analysts forecast that Harmony Biosciences will post 2.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. boosted its holdings in shares of Harmony Biosciences by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company's stock worth $2,340,000 after buying an additional 300 shares during the last quarter. Aurora Investment Counsel lifted its stake in Harmony Biosciences by 0.6% in the first quarter. Aurora Investment Counsel now owns 61,667 shares of the company's stock worth $2,047,000 after purchasing an additional 374 shares during the last quarter. Gallacher Capital Management LLC grew its holdings in Harmony Biosciences by 4.3% in the 2nd quarter. Gallacher Capital Management LLC now owns 9,981 shares of the company's stock worth $315,000 after acquiring an additional 413 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Harmony Biosciences by 2.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 20,450 shares of the company's stock worth $704,000 after purchasing an additional 420 shares during the period. Finally, Rhumbline Advisers lifted its position in Harmony Biosciences by 0.4% during the 1st quarter. Rhumbline Advisers now owns 109,073 shares of the company's stock valued at $3,620,000 after acquiring an additional 485 shares during the period. Institutional investors own 86.23% of the company's stock.

About Harmony Biosciences

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.