Needham & Company LLC Reiterates Buy Rating for Harmony Biosciences (NASDAQ:HRMY)

Needham & Company LLC restated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY - Free Report) in a research note published on Tuesday, Benzinga reports. They currently have a $52.00 price target on the stock.

HRMY has been the subject of several other research reports. UBS Group initiated coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They set a "buy" rating and a $56.00 target price for the company. Raymond James restated an "outperform" rating and set a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. Finally, Mizuho lifted their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $44.38.

Harmony Biosciences Trading Up 16.1 %

Harmony Biosciences stock traded up $5.74 during mid-day trading on Tuesday, hitting $41.49. 1,316,365 shares of the stock were exchanged, compared to its average volume of 411,152. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 0.69 and a beta of 0.73. Harmony Biosciences has a 12 month low of $19.03 and a 12 month high of $41.61. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. The firm's fifty day simple moving average is $36.38 and its two-hundred day simple moving average is $33.02.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.24. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The business had revenue of $172.80 million during the quarter, compared to the consensus estimate of $172.53 million. During the same quarter last year, the firm earned $0.56 earnings per share. Harmony Biosciences's quarterly revenue was up 28.8% on a year-over-year basis. Analysts forecast that Harmony Biosciences will post 2.23 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HRMY. LSV Asset Management boosted its position in shares of Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company's stock valued at $11,254,000 after buying an additional 260,093 shares during the last quarter. American Century Companies Inc. lifted its stake in Harmony Biosciences by 53.7% during the 2nd quarter. American Century Companies Inc. now owns 681,536 shares of the company's stock valued at $20,562,000 after acquiring an additional 238,140 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Harmony Biosciences by 56.7% during the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company's stock worth $17,975,000 after acquiring an additional 215,700 shares during the last quarter. Capital Management Corp VA bought a new stake in shares of Harmony Biosciences in the 1st quarter worth $7,018,000. Finally, Marshall Wace LLP grew its stake in shares of Harmony Biosciences by 145.4% in the 2nd quarter. Marshall Wace LLP now owns 305,612 shares of the company's stock worth $9,220,000 after acquiring an additional 181,092 shares in the last quarter. 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.