Harmony Biosciences’ (HRMY) Buy Rating Reiterated at Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 70.94% from the stock’s previous close.

Several other research analysts have also commented on HRMY. Bank of America reiterated an “underperform” rating and issued a $30.00 price target on shares of Harmony Biosciences in a research report on Tuesday, January 2nd. Mizuho decreased their price target on Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. The Goldman Sachs Group raised their price target on Harmony Biosciences from $25.00 to $28.00 and gave the stock a “sell” rating in a research report on Tuesday, January 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $49.00 price objective on shares of Harmony Biosciences in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.63.

Harmony Biosciences Trading Down 0.2 %

Shares of HRMY opened at $29.25 on Tuesday. Harmony Biosciences has a 1 year low of $18.61 and a 1 year high of $39.26. The company has a 50 day simple moving average of $31.28 and a two-hundred day simple moving average of $29.94. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.75 and a quick ratio of 2.72. The firm has a market cap of $1.66 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 0.41 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.29). The firm had revenue of $168.40 million for the quarter, compared to analysts’ expectations of $168.90 million. Harmony Biosciences had a net margin of 22.16% and a return on equity of 27.49%. The company’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 EPS. On average, equities analysts expect that Harmony Biosciences will post 3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jeffrey Dierks sold 11,979 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $32.00, for a total value of $383,328.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC boosted its holdings in shares of Harmony Biosciences by 98,700.0% in the fourth quarter. TFO Wealth Partners LLC now owns 988 shares of the company’s stock valued at $32,000 after purchasing an additional 987 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Harmony Biosciences by 47.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock worth $33,000 after buying an additional 329 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Harmony Biosciences by 95.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,533 shares of the company’s stock worth $50,000 after buying an additional 748 shares in the last quarter. Oakworth Capital Inc. purchased a new position in shares of Harmony Biosciences during the third quarter valued at $150,000. Finally, ELCO Management Co. LLC bought a new stake in shares of Harmony Biosciences in the third quarter valued at about $210,000. 86.23% of the stock is currently owned by 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.