Harmony Biosciences (NASDAQ:HRMY) Earns “Buy” Rating from Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $50.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 72.44% from the company’s previous close.

HRMY has been the topic of a number of other reports. HC Wainwright cut their price objective on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 target price for the company. Finally, Mizuho boosted their price target on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, March 18th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Harmony Biosciences currently has an average rating of “Buy” and an average target price of $53.33.

Harmony Biosciences Trading Up 2.1 %

NASDAQ:HRMY opened at $29.00 on Tuesday. The firm has a market capitalization of $1.66 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.47 and a beta of 0.80. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average of $35.10 and a 200 day moving average of $35.15. Harmony Biosciences has a 52 week low of $27.33 and a 52 week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.74 by $0.11. The firm had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 earnings per share. On average, research analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Activity at Harmony Biosciences

In other Harmony Biosciences news, CFO Sandip Kapadia sold 25,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey Dierks sold 1,123 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.00, for a total transaction of $44,920.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,452 shares of company stock valued at $2,831,679. 30.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Harmony Biosciences

Large investors have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. increased its holdings in Harmony Biosciences by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company’s stock valued at $2,340,000 after buying an additional 300 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Harmony Biosciences by 2.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 20,450 shares of the company’s stock worth $704,000 after purchasing an additional 420 shares in the last quarter. GAMMA Investing LLC grew its holdings in Harmony Biosciences by 92.6% during the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after buying an additional 436 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Harmony Biosciences by 28.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock valued at $80,000 after purchasing an additional 519 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Harmony Biosciences by 1.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,331 shares of the company’s stock worth $2,145,000 after acquiring an additional 678 shares in the last quarter. Institutional investors own 86.23% 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.