Needham & Company LLC Reiterates Buy Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $50.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 72.00% from the stock’s previous close.

Several other research firms also recently issued reports on HRMY. Mizuho boosted their price objective on shares of Harmony Biosciences from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They set a “buy” rating and a $55.00 price objective for the company. Finally, HC Wainwright decreased their target price on shares of Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $53.33.

Harmony Biosciences Price Performance

HRMY opened at $29.07 on Tuesday. The company’s 50 day simple moving average is $34.28 and its 200 day simple moving average is $34.92. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. Harmony Biosciences has a 1 year low of $26.47 and a 1 year high of $41.61. The stock has a market capitalization of $1.67 billion, a PE ratio of 13.78, a P/E/G ratio of 0.47 and a beta of 0.80.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.11. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $201.30 million for the quarter, compared to analysts’ expectations of $201.25 million. During the same period last year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 19.5% on a year-over-year basis. As a group, sell-side analysts expect that Harmony Biosciences will post 2.43 EPS for the current year.

Insider Activity at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 10,507 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. Insiders have sold 72,452 shares of company stock valued at $2,831,679 over the last ninety days. Corporate insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of HRMY. GAMMA Investing LLC raised its holdings in shares of Harmony Biosciences by 92.6% during the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after purchasing an additional 436 shares during the period. Mendota Financial Group LLC raised its holdings in shares of Harmony Biosciences by 24,125.0% during the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock worth $33,000 after purchasing an additional 965 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of Harmony Biosciences during the fourth quarter worth $41,000. KBC Group NV raised its holdings in shares of Harmony Biosciences by 79.9% during the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after purchasing an additional 819 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Harmony Biosciences by 28.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock worth $80,000 after purchasing an additional 519 shares during the period. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

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.