Raymond James Reiterates “Outperform” Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “outperform” rating reiterated by equities researchers at Raymond James in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $40.00 target price on the stock. Raymond James’ price target suggests a potential upside of 14.84% from the stock’s previous close.

Several other research analysts have also weighed in on HRMY. UBS Group started coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price objective for the company. Citigroup began coverage on Harmony Biosciences in a research note on Friday, June 21st. They issued a “buy” rating and a $48.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, October 2nd. Finally, Mizuho lifted their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.11.

Harmony Biosciences Price Performance

Harmony Biosciences stock opened at $34.83 on Thursday. The firm has a market cap of $1.98 billion, a P/E ratio of 17.86, a P/E/G ratio of 0.67 and a beta of 0.73. The stock’s 50 day moving average is $36.14 and its 200 day moving average is $32.74. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.13 and a quick ratio of 3.09. Harmony Biosciences has a one year low of $18.61 and a one year high of $40.60.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.24. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The firm had revenue of $172.80 million for the quarter, compared to the consensus estimate of $172.53 million. During the same quarter in the previous year, the company earned $0.56 EPS. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. As a group, research analysts expect that Harmony Biosciences will post 2.19 EPS for the current year.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of HRMY. nVerses Capital LLC bought a new position in shares of Harmony Biosciences in the second quarter valued at $36,000. CWM LLC lifted its position in Harmony Biosciences by 111.7% in the 3rd quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after acquiring an additional 775 shares in the last quarter. Quarry LP acquired a new position in Harmony Biosciences during the 2nd quarter valued at about $62,000. Headlands Technologies LLC increased its holdings in Harmony Biosciences by 1,608.1% during the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock worth $77,000 after purchasing an additional 2,396 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Harmony Biosciences in the second quarter worth approximately $138,000. 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.