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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They presently have a $50.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 46.28% from the company’s previous close.

Several other equities research analysts have also recently weighed in on HRMY. Cantor Fitzgerald upped their target price on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft began coverage on Harmony Biosciences in a report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of Harmony Biosciences in a research report on Wednesday, February 19th. Mizuho dropped their target price on shares of Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, Oppenheimer restated an “outperform” rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $53.67.

Harmony Biosciences Stock Down 1.1 %

NASDAQ HRMY opened at $34.18 on Tuesday. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 0.47 and a beta of 0.80. Harmony Biosciences has a 1-year low of $28.14 and a 1-year high of $41.61. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $36.59 and a 200-day moving average of $35.81.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, February 25th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.74 by $0.34. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm had revenue of $201.30 million for the quarter, compared to analyst estimates of $201.25 million. During the same period last year, the firm earned $0.45 EPS. The business’s quarterly revenue was up 19.5% compared to the same quarter last year. On average, equities research analysts expect that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total transaction of $774,228.09. The disclosure for this sale can be found here. Insiders sold 72,452 shares of company stock worth $2,831,679 over the last ninety days. 30.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors have recently modified their holdings of HRMY. Deep Track Capital LP bought a new stake in Harmony Biosciences during the fourth quarter worth $49,894,000. Vanguard Group Inc. grew its stake in shares of Harmony Biosciences by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock worth $162,883,000 after acquiring an additional 1,262,362 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock valued at $31,992,000 after purchasing an additional 579,103 shares during the last quarter. Norges Bank bought a new position in shares of Harmony Biosciences during the fourth quarter valued at about $16,118,000. Finally, Pacer Advisors Inc. boosted its holdings in Harmony Biosciences by 18.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock worth $78,452,000 after purchasing an additional 351,582 shares during the last quarter. 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.