Harmony Biosciences (NASDAQ:HRMY) Stock Keeps “Buy” Rating at Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 31.67% from the stock’s previous close.

Several other research firms have also commented on HRMY. Wolfe Research began coverage on Harmony Biosciences in a research report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price target for the company. HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Harmony Biosciences in a research report on Thursday, July 16th. Truist Financial raised their price target on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Zacks Research lowered Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings upgraded Harmony Biosciences from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $47.44.

Harmony Biosciences Trading Up 2.6%

Harmony Biosciences stock traded up $0.95 during mid-day trading on Monday, hitting $37.98. The company’s stock had a trading volume of 455,016 shares, compared to its average volume of 865,569. The firm has a market capitalization of $2.21 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. Harmony Biosciences has a 1 year low of $25.52 and a 1 year high of $43.49. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $40.09 and its two-hundred day moving average is $35.19.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.32. The company had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. The firm’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 earnings per share. On average, analysts anticipate that Harmony Biosciences will post 3.79 EPS for the current year.

Insider Transactions at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction on Friday, September 18th. The stock was sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the transaction, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. This trade represents a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 72,406 shares of company stock valued at $3,108,520 in the last ninety days. Company insiders own 11.00% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC increased its position in shares of Harmony Biosciences by 166.7% during the third quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $32,000 after purchasing an additional 510 shares in the last quarter. Nykredit A S acquired a new stake in shares of Harmony Biosciences during the second quarter worth about $33,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Harmony Biosciences during the second quarter worth about $65,000. Allworth Financial LP acquired a new stake in shares of Harmony Biosciences during the second quarter worth about $71,000. Finally, State of Wyoming acquired a new stake in shares of Harmony Biosciences during the second quarter worth about $83,000. 86.23% of the stock is currently owned by institutional investors and hedge funds.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.