Needham & Company LLC Reiterates “Buy” Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $52.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 39.45% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on HRMY. UBS Group started 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. Citigroup began coverage on Harmony Biosciences in a report on Friday, June 21st. They set a “buy” rating and a $48.00 target price on the stock. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $41.33.

Harmony Biosciences Price Performance

Shares of HRMY stock opened at $37.29 on Tuesday. The stock’s fifty day simple moving average is $35.45 and its 200 day simple moving average is $32.40. Harmony Biosciences has a one year low of $18.61 and a one year high of $39.73. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 0.77 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.13 and a quick ratio of 3.09.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.24. The firm had revenue of $172.80 million for the quarter, compared to analyst estimates of $172.53 million. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.56 earnings per share. On average, analysts expect that Harmony Biosciences will post 2.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its position in Harmony Biosciences by 98,700.0% during the 4th quarter. TFO Wealth Partners LLC now owns 988 shares of the company’s stock valued at $32,000 after purchasing an additional 987 shares during the period. Quadrant Capital Group LLC lifted its holdings in Harmony Biosciences by 47.5% in 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 during the period. nVerses Capital LLC bought a new position in Harmony Biosciences in the second quarter valued at approximately $36,000. Quarry LP acquired a new stake in Harmony Biosciences during the 2nd quarter worth $62,000. Finally, Headlands Technologies LLC raised its position in shares of Harmony Biosciences by 1,608.1% during the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock valued at $77,000 after acquiring an additional 2,396 shares during the last quarter. Institutional investors own 86.23% of the company’s stock.

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.