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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $52.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 32.52% from the stock’s current price.

HRMY has been the topic of several other research reports. Citigroup initiated coverage on shares of Harmony Biosciences in a research note on Friday, June 21st. They set a “buy” rating and a $48.00 price target on the stock. UBS Group started coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 target price on the stock. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $41.33.

Harmony Biosciences Price Performance

HRMY opened at $39.24 on Wednesday. The company has a 50 day moving average of $35.98 and a two-hundred day moving average of $32.66. Harmony Biosciences has a 52-week low of $18.61 and a 52-week high of $40.60. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.23 billion, a P/E ratio of 16.99, a P/E/G ratio of 0.77 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.24. The firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $172.53 million. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. Harmony Biosciences’s quarterly revenue was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 EPS. On average, analysts expect that Harmony Biosciences will post 2.19 earnings per share for the current year.

Hedge Funds Weigh In On Harmony Biosciences

A number of hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its position in shares of Harmony Biosciences by 0.6% in the 2nd quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company’s stock worth $75,715,000 after buying an additional 14,695 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Harmony Biosciences by 13.3% during the second quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock worth $28,871,000 after acquiring an additional 112,197 shares during the period. American Century Companies Inc. lifted its holdings in Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock worth $20,562,000 after acquiring an additional 238,140 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Harmony Biosciences by 56.7% during the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after purchasing an additional 215,700 shares during the period. Finally, LSV Asset Management boosted its position in Harmony Biosciences by 72.5% during the 2nd quarter. LSV Asset Management now owns 578,246 shares of the company’s stock valued at $17,446,000 after purchasing an additional 243,100 shares during the period. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.