Cantor Fitzgerald Boosts Harmony Biosciences (NASDAQ:HRMY) Price Target to $58.00

Harmony Biosciences (NASDAQ:HRMY) had its target price lifted by research analysts at Cantor Fitzgerald from $51.00 to $58.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 80.52% from the company’s previous close. Cantor Fitzgerald also issued estimates for Harmony Biosciences’ FY2024 earnings at $2.53 EPS.

A number of other equities analysts have also commented on the company. Oppenheimer reissued an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Tuesday. Raymond James restated an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho upped their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Finally, UBS Group initiated coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Stock Performance

NASDAQ HRMY opened at $32.13 on Wednesday. The business has a 50-day moving average price of $36.44 and a 200-day moving average price of $33.11. Harmony Biosciences has a twelve month low of $22.00 and a twelve month high of $41.61. The firm has a market cap 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. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32.

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

Insider Activity at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 30.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Hedeker Wealth LLC boosted its holdings in Harmony Biosciences by 3.7% during the 3rd quarter. Hedeker Wealth LLC now owns 75,287 shares of the company’s stock valued at $3,011,000 after acquiring an additional 2,662 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in shares of Harmony Biosciences by 63.8% during the third quarter. China Universal Asset Management Co. Ltd. now owns 10,931 shares of the company’s stock worth $437,000 after purchasing an additional 4,259 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Harmony Biosciences by 8,867.7% in the third quarter. Nisa Investment Advisors LLC now owns 5,560 shares of the company’s stock valued at $222,000 after purchasing an additional 5,498 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Harmony Biosciences by 21.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after buying an additional 360 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Harmony Biosciences by 20.8% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 54,274 shares of the company’s stock worth $2,171,000 after buying an additional 9,329 shares during the period. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

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.