Harmony Biosciences (NASDAQ:HRMY) Coverage Initiated at Berenberg Bank

Berenberg Bank assumed coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report report published on Thursday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $59.00 target price on the stock.

Other research analysts have also issued research reports about the company. Needham & Company LLC reaffirmed a buy rating and set a $66.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, August 15th. Raymond James cut their target price on Harmony Biosciences from $62.00 to $58.00 and set an outperform rating on the stock in a research note on Wednesday, August 2nd. Cantor Fitzgerald reiterated an overweight rating and set a $75.00 target price on shares of Harmony Biosciences in a research note on Tuesday, August 22nd. Finally, Mizuho reiterated a buy rating and set a $54.00 target price on shares of Harmony Biosciences in a research note on Tuesday, August 29th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $60.78.

Harmony Biosciences Stock Up 0.3 %

Shares of NASDAQ:HRMY opened at $38.10 on Thursday. Harmony Biosciences has a 52-week low of $29.81 and a 52-week high of $62.08. The firm has a market capitalization of $2.29 billion, a P/E ratio of 11.65, a P/E/G ratio of 0.55 and a beta of 0.43. The stock has a 50 day moving average price of $34.34 and a 200-day moving average price of $35.73. The company has a debt-to-equity ratio of 0.37, a quick ratio of 4.84 and a current ratio of 4.90.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, August 1st. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.06). Harmony Biosciences had a return on equity of 42.49% and a net margin of 40.16%. The firm had revenue of $134.22 million during the quarter, compared to the consensus estimate of $139.79 million. As a group, equities research analysts anticipate that Harmony Biosciences will post 2.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors have recently bought and sold shares of HRMY. JPMorgan Chase & Co. raised its holdings in Harmony Biosciences by 13.5% in the 1st quarter. JPMorgan Chase & Co. now owns 25,343 shares of the company’s stock worth $1,234,000 after purchasing an additional 3,017 shares during the period. Bank of New York Mellon Corp raised its holdings in Harmony Biosciences by 9.0% in the 1st quarter. Bank of New York Mellon Corp now owns 217,304 shares of the company’s stock worth $10,572,000 after purchasing an additional 17,893 shares during the period. Citigroup Inc. raised its holdings in Harmony Biosciences by 19.1% in the 1st quarter. Citigroup Inc. now owns 25,172 shares of the company’s stock worth $1,225,000 after purchasing an additional 4,030 shares during the period. Acadian Asset Management LLC raised its holdings in Harmony Biosciences by 69.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,367 shares of the company’s stock worth $163,000 after purchasing an additional 1,383 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Harmony Biosciences by 46.7% during the first quarter. MetLife Investment Management LLC now owns 13,697 shares of the company’s stock valued at $666,000 after acquiring an additional 4,360 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. It offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.