Harmony Biosciences (NASDAQ:HRMY) Sees Strong Trading Volume After Analyst Upgrade

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) saw an uptick in trading volume on Thursday after Cantor Fitzgerald raised their price target on the stock from $51.00 to $58.00. Cantor Fitzgerald currently has an overweight rating on the stock. 1,848,996 shares changed hands during trading, an increase of 333% from the previous session’s volume of 427,403 shares.The stock last traded at $32.53 and had previously closed at $33.80.

Other equities research analysts have also issued reports about the stock. Mizuho raised their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Harmony Biosciences in a research note on Tuesday. Raymond James restated an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. UBS Group began coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Oppenheimer reissued an “outperform” rating and issued a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Insider Activity at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 30.80% of the stock is owned by company insiders.

Institutional Trading of Harmony Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Harmony Biosciences by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock worth $1,184,000 after purchasing an additional 397 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Harmony Biosciences by 9.0% during the first quarter. Janney Montgomery Scott LLC now owns 29,974 shares of the company’s stock worth $1,007,000 after buying an additional 2,465 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in Harmony Biosciences by 1.8% in the first quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock valued at $964,000 after buying an additional 517 shares during the period. Duality Advisers LP lifted its position in shares of Harmony Biosciences by 22.5% in the first quarter. Duality Advisers LP now owns 9,864 shares of the company’s stock valued at $331,000 after buying an additional 1,810 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Harmony Biosciences by 346.5% during the 1st quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after acquiring an additional 260,093 shares during the period. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Price Performance

The business has a fifty day moving average of $36.44 and a two-hundred day moving average of $33.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.15. The company had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 earnings per share. As a group, research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.23 EPS for the current fiscal year.

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.