Harmony Biosciences (NASDAQ:HRMY) Stock Rating Reaffirmed by Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They presently have a $52.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 72.87% from the company’s previous close.

Several other brokerages have also recently weighed in on HRMY. Cantor Fitzgerald reiterated an “overweight” rating and issued a $49.00 target price on shares of Harmony Biosciences in a report on Friday, April 12th. Citigroup began coverage on Harmony Biosciences in a research note on Friday, June 21st. They set a “buy” rating and a $48.00 price objective for the company. Finally, Mizuho decreased their price objective on Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Harmony Biosciences Price Performance

Shares of HRMY stock opened at $30.08 on Monday. Harmony Biosciences has a twelve month low of $18.61 and a twelve month high of $39.26. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 0.68 and a beta of 0.72. The stock has a fifty day simple moving average of $29.82 and a two-hundred day simple moving average of $31.26. The company has a current ratio of 3.11, a quick ratio of 3.07 and a debt-to-equity ratio of 0.34.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Harmony Biosciences had a return on equity of 28.26% and a net margin of 22.30%. The business had revenue of $154.62 million during the quarter, compared to analysts’ expectations of $154.10 million. During the same period in the prior year, the business earned $0.48 EPS. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, analysts predict that Harmony Biosciences will post 1.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hancock Whitney Corp acquired a new position in Harmony Biosciences during the 1st quarter valued at about $354,000. Janus Henderson Group PLC increased its position in Harmony Biosciences by 1,011.7% during the 1st quarter. Janus Henderson Group PLC now owns 185,083 shares of the company’s stock valued at $6,214,000 after buying an additional 168,434 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Harmony Biosciences by 9.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,219 shares of the company’s stock valued at $478,000 after buying an additional 1,201 shares in the last quarter. Lazard Asset Management LLC increased its position in Harmony Biosciences by 98.3% during the 1st quarter. Lazard Asset Management LLC now owns 4,542 shares of the company’s stock valued at $152,000 after buying an additional 2,251 shares in the last quarter. Finally, UniSuper Management Pty Ltd acquired a new position in Harmony Biosciences during the 1st quarter valued at about $389,000. 86.23% of the stock is owned by institutional investors and hedge funds.

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.