Harmony Biosciences (NASDAQ:HRMY) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report released on Monday morning,Benzinga reports. Needham & Company LLC currently has a $50.00 target price on the stock.

HRMY has been the subject of several other research reports. Wolfe Research began coverage on shares of Harmony Biosciences in a research report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price objective for the company. Zacks Research upgraded shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. UBS Group reissued a “neutral” rating and issued a $37.00 target price on shares of Harmony Biosciences in a report on Wednesday, August 5th. Mizuho boosted their target price on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $42.00 price target on shares of Harmony Biosciences in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.20.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $37.54 on Monday. The stock has a market capitalization of $2.19 billion, a PE ratio of 12.32, a P/E/G ratio of 0.30 and a beta of 1.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45. The business has a fifty day moving average price of $40.03 and a two-hundred day moving average price of $35.49. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $43.49.

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

Insider Buying and Selling at Harmony Biosciences

In other news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction on Friday, September 18th. The stock was sold at an average price of $43.05, for a total value of $1,543,428.60. Following the transaction, the insider owned 13,115 shares in the company, valued at approximately $564,600.75. This trade represents a 73.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 72,406 shares of company stock valued at $3,108,520. Company insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors have recently modified their holdings of the business. Chase Investment Counsel Corp acquired a new position in shares of Harmony Biosciences during the second quarter worth $1,820,000. Canada Pension Plan Investment Board bought a new position in shares of Harmony Biosciences in the 2nd quarter valued at $1,209,000. The Manufacturers Life Insurance Company bought a new position in shares of Harmony Biosciences in the 2nd quarter valued at $870,000. Deutsche Bank AG bought a new position in shares of Harmony Biosciences in the 2nd quarter valued at $3,700,000. Finally, Aurora Investment Counsel acquired a new stake in shares of Harmony Biosciences during the 2nd quarter valued at $2,372,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.