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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $49.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 63.55% from the stock’s previous close.

Several other analysts also recently commented on the company. UBS Group reduced their price objective on Harmony Biosciences from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, April 28th. HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Harmony Biosciences in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price objective on the stock. Finally, Mizuho raised their target price on shares of Harmony Biosciences from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 18th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $52.33.

Harmony Biosciences Trading Down 1.2 %

Shares of NASDAQ:HRMY opened at $29.96 on Tuesday. The company’s 50 day moving average is $31.34 and its two-hundred day moving average is $34.04. The company has a market cap of $1.72 billion, a PE ratio of 14.20, a P/E/G ratio of 0.47 and a beta of 0.82. Harmony Biosciences has a 52 week low of $26.47 and a 52 week high of $41.61. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. 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 during the quarter, compared to analysts’ expectations of $201.25 million. During the same quarter in the prior year, the business posted $0.45 EPS. The company’s revenue for the quarter was up 19.5% on a year-over-year basis. Equities analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently bought and sold shares of the company. Barclays PLC raised its position in Harmony Biosciences by 110.9% during the third quarter. Barclays PLC now owns 76,862 shares of the company’s stock worth $3,074,000 after acquiring an additional 40,416 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Harmony Biosciences by 6.1% in the third quarter. Franklin Resources Inc. now owns 29,773 shares of the company’s stock worth $1,191,000 after acquiring an additional 1,720 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Harmony Biosciences by 68.4% in the third quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock valued at $9,217,000 after acquiring an additional 93,622 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Harmony Biosciences by 92.6% during the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after acquiring an additional 436 shares during the last quarter. Finally, CWA Asset Management Group LLC increased its position in Harmony Biosciences by 27.0% during the 4th quarter. CWA Asset Management Group LLC now owns 18,279 shares of the company’s stock worth $629,000 after purchasing an additional 3,883 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

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.