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

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $50.00 target price on the stock. Needham & Company LLC's target price indicates a potential upside of 71.41% from the stock's current price.

A number of other research analysts also recently issued reports on HRMY. Deutsche Bank Aktiengesellschaft began coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a "buy" rating and a $55.00 price target on the stock. HC Wainwright lowered their target price on Harmony Biosciences from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, Mizuho raised their price target on Harmony Biosciences from $42.00 to $44.00 and gave the company an "outperform" rating in a research report on Tuesday, March 18th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $53.33.

Harmony Biosciences Price Performance

HRMY traded up $0.18 during midday trading on Tuesday, reaching $29.17. 827,269 shares of the company's stock were exchanged, compared to its average volume of 568,427. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The business's 50-day moving average price is $33.89 and its 200 day moving average price is $34.80. Harmony Biosciences has a 1-year low of $26.47 and a 1-year high of $41.61. The stock has a market capitalization of $1.67 billion, a PE ratio of 13.82, a P/E/G ratio of 0.47 and a beta of 0.80.

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 analysts' consensus estimates of $0.74 by $0.11. The company had revenue of $201.30 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 EPS. As a group, equities analysts anticipate that Harmony Biosciences will post 2.43 EPS for the current fiscal year.

Insider Activity

In other Harmony Biosciences news, CEO Jeffrey M. Dayno sold 19,293 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total transaction of $774,228.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandip Kapadia sold 25,000 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,452 shares of company stock worth $2,831,679. Corporate insiders own 30.80% of the company's stock.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of HRMY. Hillsdale Investment Management Inc. boosted its position in Harmony Biosciences by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company's stock worth $2,340,000 after purchasing an additional 300 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Harmony Biosciences by 2.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 20,450 shares of the company's stock worth $704,000 after acquiring an additional 420 shares during the last quarter. GAMMA Investing LLC raised its holdings in Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company's stock worth $31,000 after purchasing an additional 436 shares in the last quarter. Rhumbline Advisers grew its stake in Harmony Biosciences by 0.4% in the first quarter. Rhumbline Advisers now owns 109,073 shares of the company's stock worth $3,620,000 after purchasing an additional 485 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Harmony Biosciences by 28.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company's stock valued at $80,000 after purchasing an additional 519 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

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.