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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 30.79% from the company’s previous close.

Several other analysts also recently commented on HRMY. UBS Group reiterated a “neutral” rating and issued a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Wolfe Research began coverage on shares of Harmony Biosciences in a research note on Wednesday, August 26th. They issued an “outperform” rating and a $60.00 price objective on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $42.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 1st. Wall Street Zen raised shares of Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Finally, Mizuho increased their target price on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.44.

Harmony Biosciences Trading Down 5.1%

HRMY opened at $38.23 on Monday. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences has a 52 week low of $25.52 and a 52 week high of $43.49. The business’s 50 day moving average is $40.13 and its two-hundred day moving average is $35.12. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 0.32 and a beta of 1.01.

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

Insider Activity

In other news, insider Kumar Budur sold 35,852 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $43.05, for a total transaction of $1,543,428.60. Following the completion of the sale, the insider owned 13,115 shares in the company, valued at $564,600.75. This represents a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 72,406 shares of company stock valued at $3,108,520 over the last quarter. Insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its position in Harmony Biosciences by 166.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $32,000 after buying an additional 510 shares during the last quarter. Nykredit A S purchased a new stake in shares of Harmony Biosciences in the second quarter valued at about $33,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Harmony Biosciences in the second quarter valued at about $65,000. Allworth Financial LP purchased a new stake in shares of Harmony Biosciences in the second quarter valued at about $71,000. Finally, State of Wyoming acquired a new position in shares of Harmony Biosciences during the second quarter worth about $83,000. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences News Summary

Here are the key news stories impacting Harmony Biosciences this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating and set a $55 price target, implying substantial upside from the stock’s current level. HC Wainwright reaffirms Buy rating and $55 price target
• Positive Sentiment: Needham & Company also reaffirmed its Buy rating and established a $50 price target, signaling continued analyst confidence in Harmony’s growth outlook. Harmony Biosciences earns Buy rating from Needham
• Neutral Sentiment: Harmony announced that COO Peter Anastasiou will become president and CEO as part of a planned transition intended to support the company’s next phase of growth. The appointment provides continuity from an existing executive, but investors may remain cautious while evaluating the strategic implications of the change. Harmony promotes COO Peter Anastasiou to President and CEO

Harmony Biosciences Company Profile

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.