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

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

A number of other equities analysts also recently weighed in on HRMY. Cantor Fitzgerald upped their target price on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price objective on the stock. Oppenheimer reissued an “outperform” rating and set a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Mizuho lowered their price target on shares of Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of Harmony Biosciences in a report on Wednesday, February 19th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $53.11.

Harmony Biosciences Stock Down 2.2 %

HRMY stock opened at $32.75 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The firm has a market capitalization of $1.87 billion, a P/E ratio of 15.52, a P/E/G ratio of 0.47 and a beta of 0.80. Harmony Biosciences has a 52-week low of $28.14 and a 52-week high of $41.61. The company’s 50 day simple moving average is $36.66 and its 200-day simple moving average is $35.81.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. The company had revenue of $201.30 million for the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company’s revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. As a group, equities research analysts anticipate that Harmony Biosciences will post 2.43 EPS for the current year.

Insider Activity

In other news, CFO Sandip Kapadia sold 1,775 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total transaction of $774,228.09. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,452 shares of company stock valued at $2,831,679. Insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hillsdale Investment Management Inc. increased its stake in Harmony Biosciences by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company’s stock valued at $2,340,000 after acquiring an additional 300 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Harmony Biosciences by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $80,000 after purchasing an additional 360 shares during the period. O Shaughnessy Asset Management LLC raised its stake in shares of Harmony Biosciences by 2.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 20,450 shares of the company’s stock valued at $704,000 after purchasing an additional 420 shares in the last quarter. GAMMA Investing LLC increased its holdings in Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after buying an additional 436 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Harmony Biosciences by 28.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock valued at $80,000 after buying an additional 519 shares in the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.