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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $50.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 49.39% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Cantor Fitzgerald upped their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Harmony Biosciences in a report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target on the stock. Oppenheimer reissued an “outperform” rating and issued a $59.00 price target (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of Harmony Biosciences in a report on Wednesday, February 19th. Finally, Mizuho decreased 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. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $53.67.

Harmony Biosciences Stock Down 9.5 %

Harmony Biosciences stock opened at $33.47 on Tuesday. 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 $1.91 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 0.47 and a beta of 0.80. The firm’s 50-day simple moving average is $36.66 and its 200 day simple moving average is $35.83. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24.

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

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 10,507 shares of Harmony Biosciences stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total transaction of $388,864.07. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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. Insiders have sold 72,452 shares of company stock valued at $2,831,679 over the last 90 days. 30.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Harmony Biosciences

Hedge funds have recently bought and sold shares of the business. Deep Track Capital LP purchased a new stake in shares of Harmony Biosciences in the fourth quarter valued at $49,894,000. Vanguard Group Inc. raised its stake in shares of Harmony Biosciences by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock valued at $162,883,000 after acquiring an additional 1,262,362 shares during the period. Marshall Wace LLP raised its stake in shares of Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock valued at $31,992,000 after acquiring an additional 579,103 shares during the period. Norges Bank purchased a new stake in shares of Harmony Biosciences in the fourth quarter valued at $16,118,000. Finally, Pacer Advisors Inc. raised its stake in shares of Harmony Biosciences by 18.2% in the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after acquiring an additional 351,582 shares during the period. Hedge funds and other 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.