Needham & Company LLC Lowers Harmony Biosciences (NASDAQ:HRMY) Price Target to $50.00

Harmony Biosciences (NASDAQ:HRMY) had its target price reduced by Needham & Company LLC from $52.00 to $50.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 35.85% from the stock’s current price.

HRMY has been the subject of several other reports. Oppenheimer reaffirmed an “outperform” rating and issued a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Cantor Fitzgerald upped their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Harmony Biosciences in a report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Harmony Biosciences in a report on Monday, January 27th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $54.78.

Harmony Biosciences Trading Down 5.8 %

Harmony Biosciences stock traded down $2.29 during trading hours on Wednesday, reaching $36.81. The stock had a trading volume of 455,702 shares, compared to its average volume of 544,858. The company has a fifty day simple moving average of $36.28 and a 200-day simple moving average of $35.71. The stock has a market cap of $2.10 billion, a PE ratio of 17.42, a PEG ratio of 0.52 and a beta of 0.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. Harmony Biosciences has a 52 week low of $28.14 and a 52 week high of $41.61.

Insider Activity

In other Harmony Biosciences news, CFO Sandip Kapadia sold 1,775 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $38.05, for a total transaction of $67,538.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jeffrey Dierks sold 10,507 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total transaction of $388,864.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,452 shares of company stock valued at $2,831,679. 30.80% of the stock is currently owned by company insiders.

Institutional Trading of Harmony Biosciences

Hedge funds have recently modified their holdings of the company. Citigroup Inc. lifted its position in shares of Harmony Biosciences by 9.8% during the third quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock valued at $7,114,000 after buying an additional 15,859 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Harmony Biosciences by 364.0% in the 3rd quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock valued at $3,199,000 after purchasing an additional 62,729 shares during the last quarter. Quest Partners LLC raised its position in shares of Harmony Biosciences by 137.6% in the 3rd quarter. Quest Partners LLC now owns 35,723 shares of the company’s stock valued at $1,429,000 after purchasing an additional 20,689 shares during the last quarter. JPMorgan Chase & Co. raised its position in Harmony Biosciences by 68.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock worth $9,217,000 after buying an additional 93,622 shares during the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in Harmony Biosciences during the 3rd quarter worth approximately $576,000. 86.23% of the stock is owned by hedge funds and other institutional investors.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.