Harmony Biosciences’ (HRMY) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note released on Tuesday, Benzinga reports. The brokerage currently has a $50.00 target price on the stock.

A number of other research firms have also commented on HRMY. Mizuho dropped their price objective on shares of Harmony Biosciences from $42.00 to $40.00 and set a buy rating on the stock in a research note on Tuesday, February 27th. The Goldman Sachs Group upped their price target on Harmony Biosciences from $25.00 to $28.00 and gave the stock a sell rating in a research note on Tuesday, January 9th. Bank of America reissued an underperform rating and issued a $30.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, January 2nd. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $49.00 target price on shares of Harmony Biosciences in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $40.63.

Harmony Biosciences Price Performance

Shares of HRMY opened at $31.57 on Tuesday. The firm has a fifty day moving average price of $31.17 and a 200 day moving average price of $30.08. The stock has a market cap of $1.79 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 0.41 and a beta of 0.75. Harmony Biosciences has a 1-year low of $18.61 and a 1-year high of $39.26. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.11 and a quick ratio of 2.72.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. The firm had revenue of $154.62 million during the quarter, compared to analysts’ expectations of $154.10 million. Harmony Biosciences had a return on equity of 28.26% and a net margin of 22.30%. The business’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 EPS. As a group, sell-side analysts anticipate that Harmony Biosciences will post 3.02 EPS for the current year.

Insider Transactions at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 11,979 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $32.00, for a total value of $383,328.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HRMY. Exchange Traded Concepts LLC increased its position in Harmony Biosciences by 0.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 40,889 shares of the company’s stock worth $1,321,000 after purchasing an additional 328 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Harmony Biosciences by 47.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock valued at $33,000 after buying an additional 329 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Harmony Biosciences by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock worth $1,184,000 after buying an additional 397 shares during the period. Maryland State Retirement & Pension System increased its position in shares of Harmony Biosciences by 6.0% in the third quarter. Maryland State Retirement & Pension System now owns 12,376 shares of the company’s stock worth $406,000 after acquiring an additional 697 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Harmony Biosciences by 7.5% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 10,026 shares of the company’s stock valued at $329,000 after acquiring an additional 700 shares during the period. 86.23% of the stock is owned by hedge funds and other institutional investors.

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. 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.