Harmony Biosciences’ (HRMY) “Buy” Rating Reiterated at Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Monday, Benzinga reports. They presently have a $50.00 price objective on the stock. Needham & Company LLC‘s target price indicates a potential upside of 30.51% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on HRMY. Oppenheimer restated an “outperform” rating on shares of Harmony Biosciences in a report on Thursday, September 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $42.00 target price on shares of Harmony Biosciences in a report on Thursday, October 1st. UBS Group reiterated a “neutral” rating and issued a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. LADENBURG THALM/SH SH started coverage on Harmony Biosciences in a research report on Thursday, October 15th. They issued a “buy” rating and a $55.00 price target for the company. Finally, Mizuho lifted their price target on Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Harmony Biosciences has a consensus rating of “Moderate Buy” and an average target price of $48.20.

Harmony Biosciences Stock Performance

HRMY stock traded down $0.39 during trading on Monday, reaching $38.31. 1,062,522 shares of the company’s stock were exchanged, compared to its average volume of 869,503. Harmony Biosciences has a 1-year low of $25.90 and a 1-year high of $43.49. The firm has a market cap of $2.23 billion, a PE ratio of 12.44, a P/E/G ratio of 0.30 and a beta of 1.01. The company’s fifty day moving average price is $40.01 and its 200-day moving average price is $35.56. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32. The firm had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. The firm’s quarterly revenue was up 30.3% on a year-over-year basis. During the same period last year, the company posted $0.92 EPS. On average, research analysts expect that Harmony Biosciences will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $43.05, for a total transaction of $1,543,428.60. Following the transaction, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. The trade was a 73.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 72,406 shares of company stock valued at $3,108,520. Company insiders own 11.00% of the company’s stock.

Institutional Trading of Harmony Biosciences

Large investors have recently added to or reduced their stakes in the company. CWA Asset Management Group LLC increased its stake in Harmony Biosciences by 21.7% in the 3rd quarter. CWA Asset Management Group LLC now owns 74,554 shares of the company’s stock valued at $2,927,000 after buying an additional 13,281 shares during the period. IFP Advisors Inc lifted its position in Harmony Biosciences by 3.7% in the 3rd quarter. IFP Advisors Inc now owns 8,399 shares of the company’s stock worth $330,000 after buying an additional 297 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Harmony Biosciences by 166.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock valued at $32,000 after buying an additional 510 shares during the period. Argent Capital Management LLC acquired a new stake in shares of Harmony Biosciences during the 3rd quarter valued at $647,000. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Harmony Biosciences by 4.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,566 shares of the company’s stock valued at $640,000 after buying an additional 787 shares during the period. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage biopharmaceutical company focused on developing and providing therapies for patients with rare neurological disorders. The company’s activities center on conditions involving sleep-wake regulation and other central nervous system disorders where treatment options may be limited.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled treatment that acts as a histamine-3 receptor antagonist/inverse agonist. In the United States, WAKIX is approved for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy and for excessive daytime sleepiness in pediatric patients aged 6 and older with narcolepsy.