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

Needham & Company LLC reiterated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a report published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $50.00 price target on the stock.

Other research analysts have also issued research reports about the stock. Wolfe Research started coverage on shares of Harmony Biosciences in a research note on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a research report on Tuesday, October 13th. Oppenheimer reaffirmed an “outperform” rating on shares of Harmony Biosciences in a research note on Thursday, September 24th. Weiss Ratings raised Harmony Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, October 12th. Finally, Zacks Research upgraded Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.20.

Harmony Biosciences Stock Performance

HRMY stock opened at $38.31 on Monday. The company has a market capitalization of $2.23 billion, a P/E ratio of 12.44, a PEG ratio of 0.31 and a beta of 1.01. The company has a 50-day simple moving average of $39.98 and a 200 day simple moving average of $35.64. Harmony Biosciences has a fifty-two week low of $25.90 and a fifty-two week high of $43.49. 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 (NASDAQ:HRMY) last announced its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The firm had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. During the same quarter in the prior year, the firm posted $0.92 EPS. Harmony Biosciences’s revenue was up 30.3% compared to the same quarter last year. Sell-side analysts predict that Harmony Biosciences will post 3.79 earnings per share for the current fiscal year.

Insider Activity at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of the 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 sale, the insider directly owned 13,115 shares of the company’s stock, 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 at the SEC website. In the last 90 days, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is owned by insiders.

Institutional Trading of Harmony Biosciences

A number of large investors have recently added to or reduced their stakes in HRMY. Farther Finance Advisors LLC lifted its position 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 valued at $32,000 after acquiring an additional 510 shares during the last quarter. Nykredit A S bought a new stake in shares of Harmony Biosciences during the 2nd quarter worth $33,000. Integrated Wealth Concepts LLC bought a new stake in shares of Harmony Biosciences during the 2nd quarter worth $65,000. Allworth Financial LP acquired a new position in shares of Harmony Biosciences in the 2nd quarter worth $71,000. Finally, State of Wyoming acquired a new position in shares of Harmony Biosciences in the 2nd quarter worth $83,000. 86.23% of the stock is currently owned by institutional investors.

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.