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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 28.85% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on HRMY. Zacks Research upgraded shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Truist Financial lifted their price target on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. UBS Group reiterated a “neutral” rating and set a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. 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 target for the company. Finally, LADENBURG THALM/SH SH started coverage on shares of Harmony Biosciences in a research report on Thursday, October 15th. They set a “buy” rating and a $55.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $48.20.

Harmony Biosciences Trading Up 3.4%

Shares of HRMY traded up $1.27 during trading on Monday, reaching $38.81. 446,773 shares of the company traded hands, compared to its average volume of 866,674. Harmony Biosciences has a twelve month low of $25.81 and a twelve month high of $43.49. The stock has a market cap of $2.26 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. The stock has a 50-day simple moving average of $40.03 and a 200-day simple moving average of $35.49. 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 announced its quarterly 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 net margin of 18.88% and a return on equity of 20.06%. The business had revenue of $261.28 million during the quarter, compared to analysts’ expectations of $250.77 million. During the same period last 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. On average, analysts anticipate that Harmony Biosciences will post 3.79 earnings per share for the current year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the company’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 sale, the insider owned 13,115 shares in the company, valued at $564,600.75. This represents a 73.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 72,406 shares of company stock worth $3,108,520. Insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in HRMY. Chase Investment Counsel Corp purchased a new position in Harmony Biosciences in the second quarter worth approximately $1,820,000. Canada Pension Plan Investment Board purchased a new position in Harmony Biosciences in the second quarter worth approximately $1,209,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $870,000. Deutsche Bank AG purchased a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $3,700,000. Finally, Aurora Investment Counsel purchased a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $2,372,000. Hedge funds and other institutional investors 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.