Harmony Biosciences (NASDAQ:HRMY) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a report issued on Monday morning, Benzinga reports. The firm currently has a $52.00 target price on the stock.

HRMY has been the topic of a number of other research reports. Mizuho dropped their price target on shares of Harmony Biosciences from $42.00 to $40.00 and set a buy rating on the stock in a research report on Tuesday, February 27th. Cantor Fitzgerald restated an overweight rating and issued a $49.00 target price on shares of Harmony Biosciences in a report on Friday, April 12th. Finally, Citigroup began coverage on Harmony Biosciences in a report on Friday. They set a buy rating and a $48.00 price target for the company. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, Harmony Biosciences presently has a consensus rating of Moderate Buy and an average target price of $41.67.

Harmony Biosciences Stock Performance

Shares of Harmony Biosciences stock opened at $30.10 on Monday. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 0.65 and a beta of 0.72. Harmony Biosciences has a twelve month low of $18.61 and a twelve month high of $39.26. The company’s fifty day moving average is $29.82 and its 200 day moving average is $31.27. The company has a quick ratio of 3.07, a current ratio of 3.11 and a debt-to-equity ratio of 0.34.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. The firm had revenue of $154.62 million for the quarter, compared to analyst estimates of $154.10 million. Harmony Biosciences had a return on equity of 28.26% and a net margin of 22.30%. The business’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 EPS. Sell-side analysts forecast that Harmony Biosciences will post 1.96 EPS for the current year.

Institutional Trading of Harmony Biosciences

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Harmony Biosciences by 17.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 290,911 shares of the company’s stock worth $9,533,000 after acquiring an additional 42,736 shares in the last quarter. HighTower Advisors LLC acquired a new stake in Harmony Biosciences in the 3rd quarter valued at $370,000. Rhumbline Advisers increased its stake in Harmony Biosciences by 7.9% during the 3rd quarter. Rhumbline Advisers now owns 102,381 shares of the company’s stock valued at $3,355,000 after purchasing an additional 7,515 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Harmony Biosciences during the third quarter worth $331,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Harmony Biosciences during the third quarter worth $286,000. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

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.