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

Needham & Company LLC restated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note released on Monday, Benzinga reports. The brokerage currently has a $52.00 price target on the stock.

HRMY has been the subject of a number of other research reports. Citigroup began coverage on shares of Harmony Biosciences in a research note on Friday, June 21st. They set a buy rating and a $48.00 target price for the company. Cantor Fitzgerald reaffirmed an overweight rating and set a $49.00 target price on shares of Harmony Biosciences in a research note on Friday, April 12th. Finally, Mizuho decreased 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. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Harmony Biosciences presently has an average rating of Moderate Buy and an average target price of $41.67.

Harmony Biosciences Price Performance

HRMY stock opened at $31.48 on Monday. Harmony Biosciences has a 1 year low of $18.61 and a 1 year high of $39.26. The company has a market cap of $1.79 billion, a P/E ratio of 13.63, a PEG ratio of 0.68 and a beta of 0.72. The firm has a 50-day moving average of $29.91 and a 200 day moving average of $31.26. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.11 and a quick ratio of 3.07.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Harmony Biosciences had a net margin of 22.30% and a return on equity of 28.26%. The company had revenue of $154.62 million during the quarter, compared to the consensus estimate of $154.10 million. During the same period in the prior year, the firm earned $0.48 earnings per share. Harmony Biosciences’s revenue was up 29.8% on a year-over-year basis. On average, sell-side analysts forecast that Harmony Biosciences will post 1.96 EPS for the current year.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors have recently made changes to their positions in the company. Exchange Traded Concepts LLC grew its holdings in shares of Harmony Biosciences by 0.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 40,889 shares of the company’s stock valued at $1,321,000 after buying an additional 328 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Harmony Biosciences by 47.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock worth $33,000 after purchasing an additional 329 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Harmony Biosciences by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock worth $1,184,000 after purchasing an additional 397 shares during the last quarter. Texas Permanent School Fund Corp boosted its holdings in Harmony Biosciences by 1.8% in the first quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock worth $964,000 after purchasing an additional 517 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Harmony Biosciences by 7.0% in the first quarter. ProShare Advisors LLC now owns 10,488 shares of the company’s stock worth $352,000 after purchasing an additional 684 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

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.