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, Benzinga reports. Needham & Company LLC currently has a $52.00 price target on the stock.

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

Harmony Biosciences Trading Up 3.0 %

HRMY opened at $33.08 on Tuesday. The company’s 50 day moving average is $36.30 and its 200-day moving average is $33.12. 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 company has a market cap of $1.89 billion, a P/E ratio of 15.68, a PEG ratio of 0.67 and a beta of 0.73.

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

Insiders Place Their Bets

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

Several hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Harmony Biosciences by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $80,000 after acquiring an additional 360 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Harmony Biosciences by 1.1% in 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 period. Texas Permanent School Fund Corp grew its position in Harmony Biosciences by 1.8% in the 1st quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock valued at $964,000 after purchasing an additional 517 shares during the period. ProShare Advisors LLC grew its position in Harmony Biosciences by 7.0% in the 1st quarter. ProShare Advisors LLC now owns 10,488 shares of the company’s stock valued at $352,000 after purchasing an additional 684 shares during the period. Finally, Profund Advisors LLC grew its position in Harmony Biosciences by 11.1% in the 2nd quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock valued at $228,000 after purchasing an additional 758 shares during the period. 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.