Cantor Fitzgerald Issues Positive Estimate for HRMY Earnings

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) - Cantor Fitzgerald increased their FY2024 earnings per share estimates for shares of Harmony Biosciences in a note issued to investors on Wednesday, October 30th. Cantor Fitzgerald analyst C. Duncan now anticipates that the company will earn $2.53 per share for the year, up from their prior estimate of $2.52. Cantor Fitzgerald has a "Overweight" rating and a $58.00 price target on the stock. The consensus estimate for Harmony Biosciences' current full-year earnings is $2.23 per share.

Several other research analysts also recently weighed in on the company. Oppenheimer reiterated an "outperform" rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday. Mizuho boosted their price target on Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, October 10th. UBS Group started coverage on Harmony Biosciences in a report on Tuesday, September 10th. They issued a "buy" rating and a $56.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $52.00 price target on shares of Harmony Biosciences in a report on Tuesday. Finally, Raymond James reiterated an "outperform" rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.00.

Harmony Biosciences Price Performance

HRMY stock traded down $1.67 on Thursday, reaching $32.13. The company had a trading volume of 4,994,877 shares, compared to its average volume of 444,614. The company's fifty day moving average is $36.44 and its 200 day moving average is $33.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13. The company has a market cap of $1.83 billion, a P/E ratio of 16.85, a PEG ratio of 0.69 and a beta of 0.73. Harmony Biosciences has a 1 year low of $22.00 and a 1 year high of $41.61.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.15. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. The firm had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. During the same quarter in the prior year, the company earned $0.63 EPS. Harmony Biosciences's revenue was up 16.0% on a year-over-year basis.

Institutional Trading of Harmony Biosciences

Several large investors have recently added to or reduced their stakes in the stock. LSV Asset Management boosted its position in Harmony Biosciences by 346.5% in the 1st quarter. LSV Asset Management now owns 335,146 shares of the company's stock valued at $11,254,000 after buying an additional 260,093 shares during the last quarter. Marshall Wace LLP boosted its position in Harmony Biosciences by 145.4% in the 2nd quarter. Marshall Wace LLP now owns 305,612 shares of the company's stock valued at $9,220,000 after buying an additional 181,092 shares during the last quarter. Rice Hall James & Associates LLC boosted its position in Harmony Biosciences by 42.1% in the 2nd quarter. Rice Hall James & Associates LLC now owns 80,512 shares of the company's stock valued at $2,429,000 after buying an additional 23,867 shares during the last quarter. Victory Capital Management Inc. boosted its position in Harmony Biosciences by 54.1% in the 2nd quarter. Victory Capital Management Inc. now owns 84,964 shares of the company's stock valued at $2,563,000 after buying an additional 29,816 shares during the last quarter. Finally, Renaissance Technologies LLC boosted 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 buying an additional 215,700 shares during the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Harmony Biosciences

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