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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $50.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 46.28% from the company’s current price.

Other equities analysts have also issued research reports about the company. Mizuho cut their price target on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Harmony Biosciences in a report on Wednesday, February 19th. Oppenheimer reissued an “outperform” rating and issued a $59.00 price target (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on Harmony Biosciences in a research note on Tuesday, February 11th. They set a “buy” rating and a $55.00 price objective for the company. Finally, Cantor Fitzgerald increased their target price on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $53.67.

Harmony Biosciences Stock Performance

Harmony Biosciences stock opened at $34.18 on Tuesday. Harmony Biosciences has a 12-month low of $28.14 and a 12-month high of $41.61. The stock has a 50-day simple moving average of $36.59 and a 200 day simple moving average of $35.81. 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 stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 16.20, a P/E/G ratio of 0.47 and a beta of 0.80.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, February 25th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.74 by $0.34. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $201.30 million for the quarter, compared to analysts’ expectations of $201.25 million. During the same period in the prior year, the firm earned $0.45 earnings per share. Harmony Biosciences’s revenue was up 19.5% compared to the same quarter last year. On average, research analysts anticipate that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jeffrey Dierks sold 10,507 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $37.01, for a total transaction of $388,864.07. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sandip Kapadia sold 25,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total value of $1,004,500.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,452 shares of company stock valued at $2,831,679. 30.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Harmony Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new stake in Harmony Biosciences during the fourth quarter worth approximately $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Harmony Biosciences by 1.1% during 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 purchasing an additional 678 shares during the period. Voloridge Investment Management LLC lifted its holdings in Harmony Biosciences by 24.4% during the 4th quarter. Voloridge Investment Management LLC now owns 356,072 shares of the company’s stock worth $12,252,000 after purchasing an additional 69,886 shares during the last quarter. Vident Advisory LLC lifted its holdings in Harmony Biosciences by 17.9% during the 4th quarter. Vident Advisory LLC now owns 16,426 shares of the company’s stock worth $565,000 after purchasing an additional 2,493 shares during the last quarter. Finally, Virtus Investment Advisers Inc. bought a new stake in Harmony Biosciences in the 4th quarter valued at $124,000. 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.