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

Needham & Company LLC reissued their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report sent to investors on Monday morning,Benzinga reports. Needham & Company LLC currently has a $50.00 price target on the stock.

Several other research analysts have also weighed in on HRMY. UBS Group reaffirmed a “neutral” rating and issued a $37.00 target price on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Zacks Research lowered Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Wolfe Research assumed coverage on Harmony Biosciences in a report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price target for the company. Mizuho boosted their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Oppenheimer restated an “outperform” rating on shares of Harmony Biosciences in a report on Thursday, September 24th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.44.

Harmony Biosciences Trading Up 1.3%

Harmony Biosciences stock opened at $37.51 on Monday. The company’s fifty day simple moving average is $40.08 and its 200-day simple moving average is $35.26. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences has a 12 month low of $25.52 and a 12 month high of $43.49. The stock has a market cap of $2.18 billion, a P/E ratio of 12.02, a P/E/G ratio of 0.29 and a beta of 1.01.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.32. The business had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. Harmony Biosciences’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same period last year, the company earned $0.92 earnings per share. As a group, sell-side analysts forecast that Harmony Biosciences will post 3.79 EPS for the current fiscal year.

Insider Activity

In related news, insider Kumar Budur sold 35,852 shares of the company’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. This represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in shares of Harmony Biosciences by 166.7% in the third quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $32,000 after purchasing an additional 510 shares during the period. Nykredit A S acquired a new position in shares of Harmony Biosciences during the 2nd quarter worth about $33,000. Integrated Wealth Concepts LLC bought a new stake in Harmony Biosciences during the 2nd quarter valued at approximately $65,000. Allworth Financial LP bought a new stake in Harmony Biosciences during the 2nd quarter valued at approximately $71,000. Finally, State of Wyoming bought a new stake in Harmony Biosciences during the 2nd quarter valued at approximately $83,000. 86.23% of the stock is currently owned by institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.