Harmony Biosciences (NASDAQ:HRMY) Price Target Lowered to $50.00 at Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY) had its target price reduced by Needham & Company LLC from $52.00 to $50.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

HRMY has been the topic of several other reports. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price target on shares of Harmony Biosciences in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald upped their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Harmony Biosciences has a consensus rating of “Buy” and a consensus target price of $54.78.

Harmony Biosciences Stock Performance

Harmony Biosciences stock opened at $35.32 on Wednesday. Harmony Biosciences has a fifty-two week low of $28.14 and a fifty-two week high of $41.61. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 0.52 and a beta of 0.80. The stock’s 50 day simple moving average is $36.47 and its two-hundred day simple moving average is $35.75. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24.

Insider Activity at Harmony Biosciences

In other news, CEO Jeffrey M. Dayno sold 19,293 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sandip Kapadia sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,452 shares of company stock worth $2,831,679. Corporate insiders own 30.80% of the company’s stock.

Institutional Investors Weigh In On Harmony Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Citigroup Inc. boosted its position in shares of Harmony Biosciences by 9.8% during the 3rd quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock valued at $7,114,000 after acquiring an additional 15,859 shares during the last quarter. HighTower Advisors LLC raised its holdings in Harmony Biosciences by 364.0% during the 3rd quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock valued at $3,199,000 after buying an additional 62,729 shares during the period. Quest Partners LLC lifted its position in Harmony Biosciences by 137.6% in the third quarter. Quest Partners LLC now owns 35,723 shares of the company’s stock worth $1,429,000 after buying an additional 20,689 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Harmony Biosciences by 68.4% during the third quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock worth $9,217,000 after buying an additional 93,622 shares during the period. Finally, CWA Asset Management Group LLC bought a new stake in Harmony Biosciences in the third quarter worth about $576,000. 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.