Needham & Company LLC Reaffirms “Buy” Rating for Harmony Biosciences (NASDAQ:HRMY)

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

HRMY has been the topic of several other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $49.00 price target on shares of Harmony Biosciences in a report on Friday, April 12th. Mizuho cut their price objective on Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, February 27th. The Goldman Sachs Group lifted their target price 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, Bank of America reissued an “underperform” rating and set a $30.00 price target on shares of Harmony Biosciences in a research report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.63.

Harmony Biosciences Price Performance

HRMY stock opened at $29.25 on Tuesday. 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. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.72 and a current ratio of 2.75. Harmony Biosciences has a 1 year low of $18.61 and a 1 year high of $39.26. The stock has a 50-day simple moving average of $31.28 and a 200-day simple moving average of $29.94.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.29). Harmony Biosciences had a return on equity of 27.49% and a net margin of 22.16%. The firm had revenue of $168.40 million during the quarter, compared to analyst estimates of $168.90 million. During the same quarter in the prior year, the firm earned $1.01 EPS. The business’s quarterly revenue was up 31.3% compared to the same quarter last year. On average, equities analysts predict 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 business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $32.00, for a total transaction of $383,328.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 30.80% of the stock is owned by corporate insiders.

Institutional Trading of Harmony Biosciences

Several hedge funds have recently bought and sold shares of HRMY. China Universal Asset Management Co. Ltd. increased its stake in shares of Harmony Biosciences by 60.7% in the first quarter. China Universal Asset Management Co. Ltd. now owns 10,893 shares of the company’s stock valued at $366,000 after purchasing an additional 4,116 shares during the period. Prairiewood Capital LLC bought a new position in Harmony Biosciences in the 1st quarter worth approximately $384,000. Oakworth Capital Inc. increased its position in Harmony Biosciences by 111.8% in the 1st quarter. Oakworth Capital Inc. now owns 9,675 shares of the company’s stock valued at $325,000 after acquiring an additional 5,107 shares during the period. Hedeker Wealth LLC bought a new stake in Harmony Biosciences during the 1st quarter valued at $2,627,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Harmony Biosciences by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock worth $1,184,000 after acquiring an additional 397 shares during the period. 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.