Harmony Biosciences' (HRMY) "Buy" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY - Free Report) in a research report sent to investors on Monday,Benzinga reports. They currently have a $52.00 target price on the stock.

A number of other research analysts have also issued reports on the company. Raymond James reiterated an "outperform" rating and set a $40.00 price target on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho raised 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. HC Wainwright initiated coverage on Harmony Biosciences in a research report on Tuesday, December 17th. They issued a "buy" rating and a $75.00 target price for the company. Cantor Fitzgerald lifted their price target on Harmony Biosciences from $51.00 to $58.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Finally, 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. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $55.00.

Harmony Biosciences Stock Performance

Shares of NASDAQ HRMY traded up $2.59 during midday trading on Monday, hitting $36.45. The company's stock had a trading volume of 794,821 shares, compared to its average volume of 466,074. 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 has a 1-year low of $28.14 and a 1-year high of $41.61. The firm's fifty day moving average price is $34.15 and its 200-day moving average price is $34.70. The firm has a market cap of $2.08 billion, a P/E ratio of 17.27, a P/E/G ratio of 0.60 and a beta of 0.78.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $186.00 million during the quarter, compared to analyst estimates of $184.07 million. During the same period in the prior year, the company earned $0.63 earnings per share. The business's revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts forecast that Harmony Biosciences will post 2.36 EPS for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 30.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HRMY. GAMMA Investing LLC lifted its holdings in shares of Harmony Biosciences by 92.6% in the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company's stock valued at $31,000 after purchasing an additional 436 shares in the last quarter. CWM LLC boosted its position in Harmony Biosciences by 111.7% during the 3rd quarter. CWM LLC now owns 1,469 shares of the company's stock worth $59,000 after acquiring an additional 775 shares during the period. Quarry LP purchased a new position in Harmony Biosciences during the 2nd quarter valued at about $62,000. Quantbot Technologies LP acquired a new position in shares of Harmony Biosciences in the 3rd quarter valued at about $74,000. Finally, Headlands Technologies LLC increased its holdings in shares of Harmony Biosciences by 1,608.1% in the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company's stock valued at $77,000 after purchasing an additional 2,396 shares during the period. Institutional investors and hedge funds own 86.23% of the company's stock.

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.