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 research note issued to investors on Tuesday, Benzinga reports. Needham & Company LLC currently has a $52.00 price objective on the stock.

A number of other equities analysts have also commented on HRMY. UBS Group started coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They issued a buy rating and a $56.00 price objective on the stock. Citigroup initiated coverage on shares of Harmony Biosciences in a report on Friday, June 21st. They set a buy rating and a $48.00 price target for the company. Two research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Harmony Biosciences has an average rating of Moderate Buy and a consensus target price of $41.33.

Harmony Biosciences Trading Up 6.7 %

Shares of NASDAQ HRMY opened at $39.79 on Tuesday. The firm has a 50 day moving average price of $35.59 and a two-hundred day moving average price of $32.45. The stock has a market cap of $2.26 billion, a P/E ratio of 17.23, a price-to-earnings-growth ratio of 0.77 and a beta of 0.73. Harmony Biosciences has a 52-week low of $18.61 and a 52-week high of $39.95. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.24. The business had revenue of $172.80 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 earnings per share. As a group, equities analysts forecast that Harmony Biosciences will post 2.19 EPS for the current year.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Hedeker Wealth LLC acquired a new position in shares of Harmony Biosciences during the 1st quarter valued at $2,627,000. LSV Asset Management raised its holdings in shares of Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock valued at $11,254,000 after purchasing an additional 260,093 shares during the period. Franklin Resources Inc. bought a new position in shares of Harmony Biosciences during the 4th quarter worth about $876,000. Rice Hall James & Associates LLC grew its stake in shares of Harmony Biosciences by 42.1% in the 2nd quarter. Rice Hall James & Associates LLC now owns 80,512 shares of the company’s stock valued at $2,429,000 after buying an additional 23,867 shares during the period. Finally, Victory Capital Management Inc. increased its position in Harmony Biosciences by 54.1% in the 2nd quarter. Victory Capital Management Inc. now owns 84,964 shares of the company’s stock valued at $2,563,000 after buying an additional 29,816 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.