Harmony Biosciences (NASDAQ:HRMY) Receives Outperform Rating from Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report sent to investors on Wednesday morning, Benzinga reports. Oppenheimer currently has a $59.00 price objective on the stock, up from their prior price objective of $56.00.

HRMY has been the topic of a number of other reports. UBS Group started coverage on shares of Harmony Biosciences in a research note on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price target on the stock. Raymond James reissued an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Mizuho raised their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $52.00 price objective on shares of Harmony Biosciences in a research note on Tuesday. Two research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.00.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY traded up $0.95 during mid-day trading on Wednesday, reaching $33.08. The company’s stock had a trading volume of 5,616,157 shares, compared to its average volume of 467,488. The firm has a market capitalization of $1.89 billion, a PE ratio of 15.68, a P/E/G ratio of 0.67 and a beta of 0.73. The stock has a fifty day moving average of $36.30 and a two-hundred day moving average of $33.12. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.09. Harmony Biosciences has a 52 week low of $22.89 and a 52 week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.15. The firm had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 earnings per share. As a group, sell-side analysts anticipate that Harmony Biosciences will post 2.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of HRMY. nVerses Capital LLC bought a new position in shares of Harmony Biosciences in the 2nd quarter valued at $36,000. CWM LLC boosted its holdings in Harmony Biosciences by 111.7% during the third quarter. CWM LLC now owns 1,469 shares of the company’s stock worth $59,000 after purchasing an additional 775 shares during the last quarter. Quarry LP purchased a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $62,000. Headlands Technologies LLC lifted its stake in shares of Harmony Biosciences by 1,608.1% during the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock valued at $77,000 after buying an additional 2,396 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Harmony Biosciences by 21.2% in the third 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 in the last quarter. 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.