Harmony Biosciences (NASDAQ:HRMY) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) saw unusually-high trading volume on Thursday after Cantor Fitzgerald raised their price target on the stock from $51.00 to $58.00. Cantor Fitzgerald currently has an overweight rating on the stock. Approximately 1,848,996 shares changed hands during mid-day trading, an increase of 333% from the previous session's volume of 427,403 shares.The stock last traded at $32.53 and had previously closed at $33.80.

Other equities research analysts also recently issued reports about the company. Raymond James restated an "outperform" rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. UBS Group initiated coverage on shares of Harmony Biosciences in a report on Tuesday, September 10th. They set a "buy" rating and a $56.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $52.00 price target on shares of Harmony Biosciences in a report on Tuesday. Oppenheimer reissued an "outperform" rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday. Finally, Mizuho boosted their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, Harmony Biosciences has a consensus rating of "Moderate Buy" and an average target price of $47.00.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in Harmony Biosciences by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $80,000 after purchasing an additional 360 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Harmony Biosciences by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company's stock worth $1,184,000 after purchasing an additional 397 shares in the last quarter. Texas Permanent School Fund Corp boosted 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 buying an additional 517 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Harmony Biosciences by 7.0% in the first quarter. ProShare Advisors LLC now owns 10,488 shares of the company's stock valued at $352,000 after buying an additional 684 shares in the last quarter. Finally, Profund Advisors LLC increased its holdings in Harmony Biosciences by 11.1% during the second quarter. Profund Advisors LLC now owns 7,557 shares of the company's stock worth $228,000 after buying an additional 758 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

Harmony Biosciences Price Performance

The stock has a market capitalization of $1.83 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.13 and a quick ratio of 3.09. The company's 50-day simple moving average is $36.44 and its 200-day simple moving average is $33.11.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued 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 net margin of 17.53% and a return on equity of 22.97%. The company had revenue of $186.00 million for the quarter, compared to analysts' expectations of $184.07 million. During the same period in the prior year, the firm earned $0.63 EPS. Harmony Biosciences's quarterly revenue was up 16.0% compared to the same quarter last year. As a group, sell-side analysts expect that Harmony Biosciences Holdings, Inc. will post 2.23 EPS for the current fiscal year.

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.