Harmony Biosciences (NASDAQ:HRMY) Earns Buy Rating from Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by equities researchers 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 objective suggests a potential upside of 29.20% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Mizuho upped their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Truist Financial boosted their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of Harmony Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, October 12th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $42.00 price target on shares of Harmony Biosciences in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.20.

Harmony Biosciences Trading Up 3.1%

Shares of NASDAQ HRMY opened at $38.70 on Monday. Harmony Biosciences has a 12-month low of $25.81 and a 12-month high of $43.49. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. 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 50 day simple moving average is $40.01 and its 200 day simple moving average is $35.56.

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

Insider Activity at Harmony Biosciences

In other news, insider Kumar Budur sold 35,852 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. This trade represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 72,406 shares of company stock worth $3,108,520 over the last quarter. 11.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc grew its holdings in Harmony Biosciences by 3.7% during the third quarter. IFP Advisors Inc now owns 8,399 shares of the company’s stock worth $330,000 after acquiring an additional 297 shares during the period. Farther Finance Advisors LLC raised its position in Harmony Biosciences by 166.7% in the third 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. Illinois Municipal Retirement Fund lifted its holdings in Harmony Biosciences by 3.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 20,020 shares of the company’s stock valued at $561,000 after acquiring an additional 727 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Harmony Biosciences by 4.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,566 shares of the company’s stock valued at $640,000 after acquiring an additional 787 shares during the last quarter. Finally, Nykredit A S acquired a new stake in Harmony Biosciences in the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage biopharmaceutical company focused on developing and providing therapies for patients with rare neurological disorders. The company’s activities center on conditions involving sleep-wake regulation and other central nervous system disorders where treatment options may be limited.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled treatment that acts as a histamine-3 receptor antagonist/inverse agonist. In the United States, WAKIX is approved for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy and for excessive daytime sleepiness in pediatric patients aged 6 and older with narcolepsy.