Harmony Biosciences (NASDAQ:HRMY) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note released on Monday morning,Benzinga reports. Needham & Company LLC currently has a $52.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald boosted their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Raymond James reaffirmed an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Oppenheimer restated an “outperform” rating and issued a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. HC Wainwright began coverage on Harmony Biosciences in a report on Tuesday, December 17th. They set a “buy” rating and a $75.00 price objective on the stock. Finally, Mizuho boosted their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $55.00.

Harmony Biosciences Price Performance

Shares of HRMY opened at $36.45 on Monday. 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 company has a market cap of $2.08 billion, a P/E ratio of 17.27, a PEG ratio of 0.60 and a beta of 0.78. Harmony Biosciences has a 12 month low of $28.14 and a 12 month high of $41.61. The stock has a fifty day moving average price of $34.15 and a 200 day moving average price of $34.70.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.15. The firm had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. On average, research analysts forecast that Harmony Biosciences will post 2.36 earnings per share for the current year.

Insider Activity

In related news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 30.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Harmony Biosciences

A number of hedge funds have recently added to or reduced their stakes in HRMY. Mirae Asset Global Investments Co. Ltd. boosted its stake in Harmony Biosciences by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $80,000 after acquiring an additional 360 shares during the last quarter. GAMMA Investing LLC increased its stake in Harmony Biosciences by 92.6% during the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after purchasing an additional 436 shares in the last quarter. Profund Advisors LLC raised its holdings in shares of Harmony Biosciences by 11.1% during the second quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after acquiring an additional 758 shares during the period. CWM LLC lifted its holdings in shares of Harmony Biosciences by 111.7% in the third quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after purchasing an additional 775 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Harmony Biosciences by 0.7% during the 2nd quarter. AQR Capital Management LLC now owns 154,345 shares of the company’s stock worth $4,657,000 after acquiring an additional 1,116 shares during the last quarter. Institutional investors own 86.23% of the company’s stock.

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.