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

Raymond James reissued their outperform rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $40.00 price objective on the stock.

HRMY has been the subject of a number of other research reports. Needham & Company LLC reiterated a buy rating and set a $52.00 target price on shares of Harmony Biosciences in a report on Wednesday, October 2nd. UBS Group initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They issued a buy rating and a $56.00 target price for the company. Mizuho lifted their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an outperform rating in a research report on Thursday. Finally, Citigroup initiated coverage on Harmony Biosciences in a research report on Friday, June 21st. They set a buy rating and a $48.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $44.11.

Harmony Biosciences Trading Up 0.1 %

Shares of NASDAQ HRMY opened at $34.83 on Thursday. 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 fifty-two week low of $18.61 and a fifty-two week high of $40.60. The company’s 50 day simple moving average is $36.19 and its 200 day simple moving average is $32.76. The firm has a market capitalization of $1.98 billion, a P/E ratio of 15.08, a P/E/G ratio of 0.67 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating 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 business had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $172.53 million. During the same quarter in the prior year, the company earned $0.56 EPS. The firm’s quarterly revenue was up 28.8% on a year-over-year basis. On average, analysts predict that Harmony Biosciences will post 2.19 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HRMY. LSV Asset Management lifted its position in Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after purchasing an additional 260,093 shares during the period. American Century Companies Inc. grew its holdings in Harmony Biosciences by 53.7% during the 2nd quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock worth $20,562,000 after acquiring an additional 238,140 shares during the last quarter. Renaissance Technologies LLC increased its position in Harmony Biosciences by 56.7% in the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after acquiring an additional 215,700 shares during the period. Capital Management Corp VA bought a new position in shares of Harmony Biosciences during the first quarter valued at $7,018,000. Finally, Marshall Wace LLP lifted its holdings in shares of Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock worth $9,220,000 after purchasing an additional 181,092 shares during the period. 86.23% of the stock is owned by 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.