Mizuho Reaffirms “Buy” Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating restated by equities researchers at Mizuho in a report released on Tuesday, Benzinga reports. They presently have a $54.00 target price on the stock. Mizuho’s price objective points to a potential upside of 46.90% from the stock’s previous close.

Several other brokerages also recently issued reports on HRMY. Cantor Fitzgerald reiterated an “overweight” rating and issued a $75.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, August 22nd. Berenberg Bank started coverage on shares of Harmony Biosciences in a research report on Thursday, September 7th. They set a “buy” rating and a $59.00 price target on the stock. Raymond James dropped their target price on shares of Harmony Biosciences from $62.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, August 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $66.00 price target on shares of Harmony Biosciences in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Harmony Biosciences currently has an average rating of “Moderate Buy” and an average price target of $60.78.

Harmony Biosciences Price Performance

Harmony Biosciences stock traded up $0.81 during mid-day trading on Tuesday, hitting $36.76. 51,277 shares of the company were exchanged, compared to its average volume of 670,321. The company has a market capitalization of $2.21 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 0.54 and a beta of 0.43. The business has a fifty day moving average of $34.78 and a 200 day moving average of $35.46. Harmony Biosciences has a 1-year low of $29.81 and a 1-year high of $62.08. The company has a quick ratio of 4.84, a current ratio of 4.90 and a debt-to-equity ratio of 0.37.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $0.56 earnings per share 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 for the quarter, compared to the consensus estimate of $139.79 million. As a group, sell-side analysts expect that Harmony Biosciences will post 2.4 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. Perceptive Advisors LLC grew its stake in shares of Harmony Biosciences by 791.4% during the second quarter. Perceptive Advisors LLC now owns 891,370 shares of the company’s stock worth $31,367,000 after purchasing an additional 791,370 shares during the period. Virginia Retirement Systems ET AL bought a new position in Harmony Biosciences during the second quarter worth about $781,000. California State Teachers Retirement System grew its position in shares of Harmony Biosciences by 30.7% during the 2nd quarter. California State Teachers Retirement System now owns 39,983 shares of the company’s stock worth $1,407,000 after buying an additional 9,390 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in shares of Harmony Biosciences by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 9,609 shares of the company’s stock valued at $338,000 after acquiring an additional 519 shares during the last quarter. Finally, Legato Capital Management LLC acquired a new stake in shares of Harmony Biosciences in the 2nd quarter valued at approximately $207,000. Institutional investors own 86.23% of the company’s stock.

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. It offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.