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

Needham & Company LLC reissued their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a $52.00 target price on the stock.

A number of other equities research analysts have also recently weighed in on HRMY. UBS Group began coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target for the company. Raymond James restated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Finally, Mizuho lifted their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock 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 issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Trading Up 3.0 %

HRMY stock opened at $33.08 on Tuesday. Harmony Biosciences has a 1-year low of $22.89 and a 1-year high of $41.61. The company has a current ratio of 3.24, a quick ratio of 3.09 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $36.30 and its 200-day moving average is $33.12. The firm has a market cap of $1.89 billion, a P/E ratio of 15.68, a P/E/G ratio of 0.67 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $186.00 million during the quarter, compared to analyst estimates of $184.07 million. During the same period in the prior year, the company posted $0.63 earnings per share. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. Equities analysts anticipate that Harmony Biosciences will post 2.22 earnings per share for the current fiscal year.

Insider Activity at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 30.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds have recently added to or reduced their stakes in HRMY. Allspring Global Investments Holdings LLC lifted its holdings in Harmony Biosciences by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock valued at $1,184,000 after purchasing an additional 397 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Harmony Biosciences by 9.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 29,974 shares of the company’s stock worth $1,007,000 after buying an additional 2,465 shares during the period. Texas Permanent School Fund Corp increased its position in Harmony Biosciences by 1.8% during the 1st quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock worth $964,000 after buying an additional 517 shares during the period. Duality Advisers LP increased its position in Harmony Biosciences by 22.5% during the 1st quarter. Duality Advisers LP now owns 9,864 shares of the company’s stock worth $331,000 after buying an additional 1,810 shares during the period. Finally, LSV Asset Management increased its position in Harmony Biosciences by 346.5% during the 1st quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after buying an additional 260,093 shares during the period. Institutional investors and hedge funds 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.