Cantor Fitzgerald Comments on Harmony Biosciences Holdings, Inc.’s FY2024 Earnings (NASDAQ:HRMY)

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) – Stock analysts at Cantor Fitzgerald increased their FY2024 earnings estimates for Harmony Biosciences in a research note issued on Monday, July 1st. Cantor Fitzgerald analyst C. Duncan now forecasts that the company will earn $2.62 per share for the year, up from their previous estimate of $2.45. Cantor Fitzgerald currently has a “Overweight” rating and a $49.00 price target on the stock. The consensus estimate for Harmony Biosciences’ current full-year earnings is $2.02 per share.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Harmony Biosciences had a return on equity of 28.26% and a net margin of 22.30%. The firm had revenue of $154.62 million during the quarter, compared to analysts’ expectations of $154.10 million. During the same period in the prior year, the company earned $0.48 earnings per share. The company’s quarterly revenue was up 29.8% on a year-over-year basis.

A number of other research analysts have also issued reports on the stock. Citigroup began coverage on shares of Harmony Biosciences in a report on Friday, June 21st. They issued a “buy” rating and a $48.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $52.00 target price on shares of Harmony Biosciences in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.67.

Harmony Biosciences Price Performance

Shares of NASDAQ:HRMY opened at $30.89 on Wednesday. Harmony Biosciences has a one year low of $18.61 and a one year high of $39.26. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 0.66 and a beta of 0.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.11 and a quick ratio of 3.07. The firm has a 50 day simple moving average of $30.04 and a 200 day simple moving average of $31.18.

Institutional Trading of Harmony Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the stock. Exchange Traded Concepts LLC boosted its holdings in shares of Harmony Biosciences by 0.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 40,889 shares of the company’s stock worth $1,321,000 after buying an additional 328 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Harmony Biosciences by 47.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock worth $33,000 after acquiring an additional 329 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Harmony Biosciences by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock worth $1,184,000 after buying an additional 397 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Harmony Biosciences by 1.8% in the 1st quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock valued at $964,000 after acquiring an additional 517 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Harmony Biosciences by 7.0% in the 1st quarter. ProShare Advisors LLC now owns 10,488 shares of the company’s stock worth $352,000 after buying an additional 684 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

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.