Harmony Biosciences (NASDAQ:HRMY) Earns Buy Rating from Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $50.00 target price on the stock. Needham & Company LLC‘s price target indicates a potential upside of 28.93% from the company’s previous close.

Other analysts also recently issued research reports about the stock. UBS Group reaffirmed a “neutral” rating and issued a $37.00 target price on shares of Harmony Biosciences in a report on Wednesday, August 5th. LADENBURG THALM/SH SH assumed coverage on shares of Harmony Biosciences in a report on Thursday, October 15th. They issued a “buy” rating and a $55.00 target price on the stock. Oppenheimer reaffirmed an “outperform” rating on shares of Harmony Biosciences in a report on Thursday, September 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $42.00 target price on shares of Harmony Biosciences in a report on Thursday, October 1st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a report on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.20.

Harmony Biosciences Stock Performance

Harmony Biosciences stock traded up $0.08 during midday trading on Monday, hitting $38.78. 270,886 shares of the company’s stock were exchanged, compared to its average volume of 865,441. Harmony Biosciences has a 12-month low of $25.90 and a 12-month high of $43.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. The firm’s 50 day simple moving average is $40.01 and its 200 day simple moving average is $35.56.

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

Insider Buying and Selling

In related news, insider Kumar Budur sold 35,852 shares of the business’s stock in a transaction dated 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 sale, the insider owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 72,406 shares of company stock worth $3,108,520 over the last quarter. 11.00% of the stock is currently owned by insiders.

Institutional Trading of Harmony Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Chase Investment Counsel Corp acquired a new stake in shares of Harmony Biosciences during the second quarter valued at $1,820,000. Canada Pension Plan Investment Board acquired a new position in shares of Harmony Biosciences in the second quarter valued at approximately $1,209,000. The Manufacturers Life Insurance Company acquired a new position in shares of Harmony Biosciences in the second quarter valued at approximately $870,000. Aurora Investment Counsel acquired a new position in shares of Harmony Biosciences in the second quarter valued at approximately $2,372,000. Finally, Deutsche Bank AG acquired a new position in shares of Harmony Biosciences in the second quarter valued at approximately $3,700,000. Hedge funds and other institutional investors 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.