Harmony Biosciences (NASDAQ:HRMY) Stock Rating Reaffirmed as “Buy” by Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by equities research analysts at 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 price target indicates a potential upside of 29.20% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Truist Financial boosted their price target on Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Mizuho boosted their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen raised Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. UBS Group reissued a “neutral” rating and set a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Finally, HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Harmony Biosciences in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.20.

Harmony Biosciences Trading Up 3.1%

Shares of NASDAQ:HRMY traded up $1.16 during midday trading on Monday, reaching $38.70. The company’s stock had a trading volume of 798,326 shares, compared to its average volume of 868,541. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. 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 has a 1 year low of $25.81 and a 1 year high of $43.49. The business has a 50 day moving average price of $40.01 and a 200 day moving average price of $35.56.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 EPS 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 business had revenue of $261.28 million during the quarter, compared to the consensus estimate of $250.77 million. During the same quarter in the previous year, the business earned $0.92 earnings per share. The business’s revenue for the quarter was up 30.3% on a year-over-year basis. Research analysts forecast that Harmony Biosciences will post 3.79 EPS for the current year.

Insider Activity at Harmony Biosciences

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Harmony Biosciences during the second quarter worth about $258,583,000. Dimensional Fund Advisors LP lifted its stake in shares of Harmony Biosciences by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock worth $58,157,000 after purchasing an additional 245,784 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Harmony Biosciences by 109.9% during the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock worth $56,529,000 after purchasing an additional 1,056,507 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Harmony Biosciences by 0.6% during the first quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company’s stock worth $30,177,000 after purchasing an additional 6,900 shares in the last quarter. Finally, venBio Partners LLC acquired a new position in shares of Harmony Biosciences during the second quarter worth about $17,192,584. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.