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

Key Points

• Truist raised its price target on Harmony Biosciences to $29 (from $25) while keeping a "hold" rating, a target that implies roughly an 8% downside from the current share price.
• Harmony missed the quarter with EPS of $0.55 vs. $0.76 expected and revenue of $215.4M vs. $220.8M expected, though revenue rose 16.6% year‑over‑year; the stock trades around $31.53 with a market cap of about $1.82B and a P/E of 11.6.
• Analyst views are mixed — the consensus rating is "Hold" with an average price target of $40.89 amid several recent downgrades and target cuts — and institutional investors own roughly 86.2% of the shares.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) had its price objective lifted by research analysts at Truist Financial from $25.00 to $29.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price target points to a potential downside of 8.01% from the stock's current price.

HRMY has been the topic of several other reports. Wall Street Zen cut shares of Harmony Biosciences from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. UBS Group lowered their price objective on shares of Harmony Biosciences from $46.00 to $36.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. Bank of America lowered their price objective on shares of Harmony Biosciences from $32.00 to $28.00 and set an "underperform" rating on the stock in a research report on Wednesday, February 25th. Zacks Research upgraded shares of Harmony Biosciences from a "strong sell" rating to a "hold" rating in a research report on Friday, May 1st. Finally, Weiss Ratings cut shares of Harmony Biosciences from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $40.89.

Harmony Biosciences Trading Up 0.3%

NASDAQ HRMY traded up $0.11 on Friday, hitting $31.53. 301,696 shares of the stock were exchanged, compared to its average volume of 874,499. Harmony Biosciences has a 52-week low of $25.52 and a 52-week high of $40.87. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.60 and a quick ratio of 3.58. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 0.44 and a beta of 0.97. The company's 50-day moving average price is $29.01 and its two-hundred day moving average price is $33.04.

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). Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The firm had revenue of $215.39 million for the quarter, compared to analysts' expectations of $220.84 million. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The company's revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts predict that Harmony Biosciences will post 3.34 EPS for the current year.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors have recently modified their holdings of HRMY. EverSource Wealth Advisors LLC boosted its stake in shares of Harmony Biosciences by 589.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company's stock valued at $28,000 after buying an additional 643 shares during the period. Allworth Financial LP boosted its stake in shares of Harmony Biosciences by 286.7% during the 4th quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after buying an additional 602 shares during the period. Leonteq Securities AG acquired a new stake in shares of Harmony Biosciences in the 4th quarter valued at $30,000. National Bank of Canada FI acquired a new stake in shares of Harmony Biosciences in the 3rd quarter valued at $40,000. Finally, Clearstead Advisors LLC lifted its stake in shares of Harmony Biosciences by 145.9% in the 4th quarter. Clearstead Advisors LLC now owns 1,178 shares of the company's stock valued at $44,000 after purchasing an additional 699 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

About Harmony Biosciences

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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