Harmony Biosciences (NASDAQ:HRMY) Stock Rating Reaffirmed as “Buy” by Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by stock 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 target indicates a potential upside of 35.03% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Zacks Research lowered shares of Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Mizuho boosted their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Truist Financial boosted their price target on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Wall Street Zen upgraded shares of Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $42.00 price target on shares of Harmony Biosciences in a report on Thursday, October 1st. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Harmony Biosciences has an average rating of “Hold” and an average price target of $47.44.

Harmony Biosciences Stock Down 3.1%

NASDAQ HRMY traded down $1.20 on Monday, reaching $37.03. 1,419,019 shares of the stock traded hands, compared to its average volume of 867,895. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The company has a fifty day moving average price of $40.13 and a 200-day moving average price of $35.12. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 0.32 and a beta of 1.01. Harmony Biosciences has a 12 month low of $25.52 and a 12 month high of $43.49.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32. The business 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%. Harmony Biosciences’s revenue was up 30.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. As a group, research analysts forecast that Harmony Biosciences will post 3.79 EPS for the current fiscal year.

Insider Activity at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $43.05, for a total transaction of $1,543,428.60. Following the completion of the transaction, the insider owned 13,115 shares in the company, valued at $564,600.75. The trade was a 73.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 72,406 shares of company stock valued at $3,108,520. Insiders own 11.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HRMY. Farther Finance Advisors LLC raised its stake in shares of 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 acquiring an additional 510 shares in the last quarter. Nykredit A S bought a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $33,000. Integrated Wealth Concepts LLC bought a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $65,000. Allworth Financial LP bought a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $71,000. Finally, State of Wyoming bought a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $83,000. Institutional investors own 86.23% of the company’s stock.

Key Stories Impacting Harmony Biosciences

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

• Positive Sentiment: HC Wainwright reaffirmed its “buy” rating and assigned a $55 price target, implying substantial upside from HRMY’s recent trading level. The bullish view suggests confidence in Harmony’s growth prospects and commercial performance. HC Wainwright rating update
• Positive Sentiment: Needham reaffirmed its “buy” rating and set a $50 price target, also indicating meaningful potential upside. The repeated positive ratings may help support the stock despite near-term uncertainty. Harmony Biosciences earns Buy rating from Needham
• Neutral Sentiment: Harmony appointed COO Peter Anastasiou as president and chief executive officer as part of a planned leadership transition intended to support the company’s next phase of growth. The promotion provides continuity from an internal executive, although investors may initially assess execution risks and the implications of the change. Harmony Biosciences promotes COO Peter Anastasiou to President and CEO
• Negative Sentiment: Bank of America Securities maintained its “sell” rating on HRMY. The bearish stance contrasts with the recent buy recommendations and may weigh on sentiment by highlighting continued analyst concerns about the company’s outlook or valuation. Bank of America Securities remains a Sell on Harmony Biosciences

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.