Harmony Biosciences (NASDAQ:HRMY) Receives "Buy" Rating from Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $50.00 target price on the stock. Needham & Company LLC's target price suggests a potential upside of 47.71% from the company's previous close.

Several other equities analysts also recently weighed in on HRMY. Cantor Fitzgerald raised their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They issued a "buy" rating and a $55.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $75.00 price target on shares of Harmony Biosciences in a research report on Wednesday, February 19th. Oppenheimer reissued an "outperform" rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Finally, Mizuho dropped their target price on Harmony Biosciences from $52.00 to $42.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $53.11.

Harmony Biosciences Price Performance

Shares of Harmony Biosciences stock traded up $1.10 during mid-day trading on Tuesday, reaching $33.85. 1,033,155 shares of the stock traded hands, compared to its average volume of 641,963. The stock has a market capitalization of $1.93 billion, a PE ratio of 16.04, a PEG ratio of 0.47 and a beta of 0.80. The business has a 50-day moving average of $36.64 and a 200 day moving average of $35.79. Harmony Biosciences has a fifty-two week low of $28.14 and a fifty-two week high of $41.61. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.74 by $0.11. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. During the same period in the prior year, the company earned $0.45 EPS. The firm's revenue was up 19.5% compared to the same quarter last year. On average, analysts predict that Harmony Biosciences will post 2.43 EPS for the current year.

Insider Transactions at Harmony Biosciences

In other news, CFO Sandip Kapadia sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total value of $1,004,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jeffrey Dierks sold 1,629 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $38.02, for a total transaction of $61,934.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is currently owned by company insiders.

Institutional Trading of Harmony Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. grew its stake in shares of Harmony Biosciences by 9.8% in the third quarter. Citigroup Inc. now owns 177,843 shares of the company's stock valued at $7,114,000 after buying an additional 15,859 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Harmony Biosciences by 364.0% in the third quarter. HighTower Advisors LLC now owns 79,961 shares of the company's stock valued at $3,199,000 after purchasing an additional 62,729 shares in the last quarter. Quest Partners LLC lifted its holdings in Harmony Biosciences by 137.6% during the 3rd 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 in the last quarter. JPMorgan Chase & Co. boosted its position in Harmony Biosciences by 68.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company's stock valued at $9,217,000 after buying an additional 93,622 shares during the period. Finally, CWA Asset Management Group LLC acquired a new position in shares of Harmony Biosciences in the third quarter worth $576,000. Hedge funds and other institutional investors 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.