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

Needham & Company LLC reaffirmed their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a report issued on Tuesday morning, Benzinga reports. The firm currently has a $50.00 price objective on the stock.

HRMY has been the subject of several other reports. Mizuho cut their target price on shares of Harmony Biosciences from $42.00 to $40.00 and set a buy rating for the company in a research note on Tuesday, February 27th. The Goldman Sachs Group raised their price objective on Harmony Biosciences from $25.00 to $28.00 and gave the company a sell rating in a research report on Tuesday, January 9th. Cantor Fitzgerald reiterated an overweight rating and issued a $49.00 target price on shares of Harmony Biosciences in a research report on Friday, April 12th. Finally, Bank of America reaffirmed an underperform rating and issued a $30.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $40.63.

Harmony Biosciences Stock Performance

Shares of HRMY stock traded down $0.12 during trading hours on Tuesday, reaching $31.57. 546,030 shares of the company traded hands, compared to its average volume of 401,533. The firm has a 50-day moving average price of $31.17 and a 200 day moving average price of $30.08. The company has a market cap of $1.79 billion, a P/E ratio of 13.67, a P/E/G ratio of 0.41 and a beta of 0.75. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.11 and a quick ratio of 2.72. Harmony Biosciences has a 12-month low of $18.61 and a 12-month high of $39.26.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. The business had revenue of $154.62 million during the quarter, compared to analyst estimates of $154.10 million. Harmony Biosciences had a net margin of 22.30% and a return on equity of 28.26%. The company’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 earnings per share. As a group, sell-side analysts predict that Harmony Biosciences will post 3.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 11,979 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $32.00, for a total value of $383,328.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company 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. SG Americas Securities LLC bought a new position in Harmony Biosciences in the third quarter worth approximately $667,000. State of Alaska Department of Revenue increased its stake in shares of Harmony Biosciences by 6.0% during the third quarter. State of Alaska Department of Revenue now owns 20,919 shares of the company’s stock valued at $685,000 after buying an additional 1,189 shares during the period. Maryland State Retirement & Pension System raised its holdings in shares of Harmony Biosciences by 6.0% in the third quarter. Maryland State Retirement & Pension System now owns 12,376 shares of the company’s stock valued at $406,000 after acquiring an additional 697 shares in the last quarter. Raymond James & Associates purchased a new stake in Harmony Biosciences in the third quarter worth about $216,000. Finally, Bank of New York Mellon Corp grew its holdings in Harmony Biosciences by 4.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 264,395 shares of the company’s stock worth $8,664,000 after acquiring an additional 10,538 shares in the last quarter. 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.