Harmony Biosciences (NASDAQ:HRMY) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a $52.00 target price on the stock.

HRMY has been the topic of several other research reports. HC Wainwright began coverage on shares of Harmony Biosciences in a research note on Tuesday, December 17th. They issued a “buy” rating and a $75.00 target price on the stock. Cantor Fitzgerald upped their target price on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Mizuho increased their price target on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Raymond James restated an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 10th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Harmony Biosciences has an average rating of “Buy” and an average price target of $55.00.

Harmony Biosciences Trading Up 1.4 %

HRMY opened at $36.93 on Monday. The stock has a 50-day moving average of $34.26 and a 200 day moving average of $34.76. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. Harmony Biosciences has a 12 month low of $28.14 and a 12 month high of $41.61. The firm has a market cap of $2.11 billion, a P/E ratio of 17.50, a P/E/G ratio of 0.49 and a beta of 0.78.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $186.00 million during the quarter, compared to analysts’ expectations of $184.07 million. During the same quarter in the previous year, the business earned $0.63 EPS. The company’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, research analysts forecast that Harmony Biosciences will post 2.42 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Harmony Biosciences by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after buying an additional 360 shares during the period. GAMMA Investing LLC raised its position in shares of Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after acquiring an additional 436 shares in the last quarter. Profund Advisors LLC lifted its stake in shares of Harmony Biosciences by 11.1% during the 2nd quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after purchasing an additional 758 shares during the last quarter. CWM LLC boosted its position in Harmony Biosciences by 111.7% during the third quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after purchasing an additional 775 shares in the last quarter. Finally, Mendota Financial Group LLC grew its stake in Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock valued at $33,000 after purchasing an additional 965 shares during the last quarter. 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.