Harmony Biosciences (NASDAQ:HRMY) Given Buy Rating at Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $52.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 42.78% from the stock’s current price.

A number of other equities analysts have also recently issued reports on HRMY. Raymond James restated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. HC Wainwright started coverage on shares of Harmony Biosciences in a research note on Tuesday, December 17th. They set a “buy” rating and a $75.00 target price on the stock. Oppenheimer reissued 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. Mizuho lifted their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald increased their target price on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $55.00.

Harmony Biosciences Price Performance

HRMY opened at $36.42 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The stock’s 50 day simple moving average is $34.21 and its 200 day simple moving average is $34.74. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 0.60 and a beta of 0.78. Harmony Biosciences has a 1 year low of $28.14 and a 1 year high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating 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 analyst estimates of $184.07 million. During the same quarter in the prior year, the firm posted $0.63 earnings per share. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, analysts predict that Harmony Biosciences will post 2.36 earnings per share for the current year.

Insider Activity at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 30.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. lifted its stake in Harmony Biosciences by 0.6% during the 2nd quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company’s stock valued at $75,715,000 after acquiring an additional 14,695 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Harmony Biosciences by 13.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock worth $28,871,000 after buying an additional 112,197 shares during the last quarter. American Century Companies Inc. increased its position in Harmony Biosciences by 53.7% during the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after acquiring an additional 238,140 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Harmony Biosciences by 27.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock worth $26,416,000 after purchasing an additional 140,690 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Harmony Biosciences by 56.7% in 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. 86.23% of the stock is 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.