Needham & Company LLC Issues Pessimistic Forecast for Harmony Biosciences (NASDAQ:HRMY) Stock Price

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) had its price target lowered by investment analysts at Needham & Company LLC from $52.00 to $50.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 44.68% from the company's current price.

HRMY has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They issued a "buy" rating and a $55.00 price objective for the company. Oppenheimer reiterated 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. Cantor Fitzgerald boosted their price objective 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. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $75.00 target price on shares of Harmony Biosciences in a report on Monday, January 27th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $53.67.

Harmony Biosciences Stock Performance

Shares of HRMY traded down $0.33 during midday trading on Wednesday, reaching $34.56. 667,803 shares of the stock were exchanged, compared to its average volume of 542,346. The business's 50-day moving average price is $36.57 and its 200 day moving average price is $35.79. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 0.47 and a beta of 0.80. Harmony Biosciences has a twelve month low of $28.14 and a twelve month high of $41.61. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20.

Insider Transactions at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 25,000 shares of the company's stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were 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 sold a total of 72,452 shares of company stock valued at $2,831,679 in the last ninety days. Corporate insiders own 30.80% of the company's stock.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its stake in Harmony Biosciences by 92.6% during the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company's stock worth $31,000 after buying an additional 436 shares during the period. Mendota Financial Group LLC boosted its position in Harmony Biosciences by 24,125.0% during the 4th quarter. Mendota Financial Group LLC now owns 969 shares of the company's stock worth $33,000 after purchasing an additional 965 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Harmony Biosciences in the 4th quarter valued at $41,000. CWM LLC raised its position in 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 during the period. Finally, KBC Group NV lifted its stake in shares of Harmony Biosciences by 79.9% during the fourth quarter. KBC Group NV now owns 1,844 shares of the company's stock worth $63,000 after purchasing an additional 819 shares in the last quarter. 86.23% of the stock is 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.