Harmony Biosciences (NASDAQ:HRMY) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen has upgraded Harmony Biosciences (NASDAQ:HRMY) from a "hold" to a "buy" rating, indicating positive market sentiment.
• As of the latest reports, the consensus price target for Harmony Biosciences is set at $51.00, with various brokerages providing differing price objectives.
• Despite a revenue increase of 16% year-over-year, the company reported an earnings per share (EPS) of $0.68, missing the consensus estimate of $0.78.

Wall Street Zen upgraded shares of Harmony Biosciences (NASDAQ:HRMY - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

A number of other equities analysts also recently issued reports on the company. The Goldman Sachs Group initiated coverage on Harmony Biosciences in a research note on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price target on the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $55.00 price objective (up previously from $54.00) on shares of Harmony Biosciences in a research report on Thursday, July 10th. Oppenheimer initiated coverage on Harmony Biosciences in a research report on Monday, June 2nd. They set an "outperform" rating and a $61.00 price objective for the company. Finally, Truist Financial initiated coverage on Harmony Biosciences in a research report on Monday, July 21st. They set a "buy" rating and a $48.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Harmony Biosciences has a consensus rating of "Buy" and a consensus price target of $51.00.

Harmony Biosciences Stock Down 0.4%

Shares of Harmony Biosciences stock traded down $0.12 on Friday, reaching $32.31. The company's stock had a trading volume of 30,616 shares, compared to its average volume of 664,510. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 10.44, a P/E/G ratio of 0.38 and a beta of 0.84. The firm's fifty day simple moving average is $35.49 and its two-hundred day simple moving average is $33.52. Harmony Biosciences has a 52 week low of $26.47 and a 52 week high of $41.61. The company has a quick ratio of 3.80, a current ratio of 3.84 and a debt-to-equity ratio of 0.20.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). The business had revenue of $200.49 million during the quarter, compared to the consensus estimate of $204.37 million. Harmony Biosciences had a return on equity of 26.34% and a net margin of 23.44%.The firm's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.05 EPS. Harmony Biosciences has set its FY 2025 guidance at EPS. Equities analysts anticipate that Harmony Biosciences will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds have recently bought and sold shares of HRMY. Boston Partners bought a new position in Harmony Biosciences in the 2nd quarter valued at $19,398,000. Arrowstreet Capital Limited Partnership increased its holdings in 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 purchasing an additional 508,498 shares during the period. New Vernon Capital Holdings II LLC increased its holdings in 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 purchasing an additional 473,708 shares during the period. Nomura Holdings Inc. increased its holdings in 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 purchasing an additional 335,237 shares during the period. Finally, Marshall Wace LLP increased its holdings in 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 purchasing an additional 321,947 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.