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

Harmony Biosciences (NASDAQ:HRMY) had its price objective boosted by analysts at Mizuho from $42.00 to $44.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 28.21% from the stock’s previous close.

HRMY has been the topic of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft assumed coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 target price on the stock. Finally, HC Wainwright cut their target price on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $53.33.

Harmony Biosciences Trading Up 4.9 %

HRMY opened at $34.32 on Tuesday. The firm has a market cap of $1.97 billion, a P/E ratio of 16.27, a P/E/G ratio of 0.47 and a beta of 0.82. The business has a fifty day simple moving average of $36.40 and a 200-day simple moving average of $35.62. Harmony Biosciences has a 52 week low of $28.14 and a 52 week high of $41.61. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. The company had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. On average, equities analysts expect that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Transactions at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey Dierks sold 1,629 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $38.02, for a total value of $61,934.58. The disclosure for this sale can be found here. Insiders sold a total of 72,452 shares of company stock worth $2,831,679 in the last ninety days. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRMY. Deep Track Capital LP purchased a new position in Harmony Biosciences in the 4th quarter valued at about $49,894,000. Vanguard Group Inc. raised its stake in Harmony Biosciences by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock worth $162,883,000 after acquiring an additional 1,262,362 shares during the period. Marshall Wace LLP raised its stake in Harmony Biosciences by 165.2% during the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock worth $31,992,000 after acquiring an additional 579,103 shares during the period. Norges Bank acquired a new stake in shares of Harmony Biosciences in the fourth quarter valued at approximately $16,118,000. Finally, Pacer Advisors Inc. increased its stake in shares of Harmony Biosciences by 18.2% in the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after purchasing an additional 351,582 shares during the period. 86.23% of the stock is 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.