Harmony Biosciences’ (HRMY) “Buy” Rating Reaffirmed at Needham & Company LLC

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

HRMY has been the subject of several other reports. Raymond James reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Mizuho upped their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Finally, UBS Group initiated coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 target price on the stock. Two research analysts have rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Harmony Biosciences has an average rating of “Moderate Buy” and a consensus price target of $44.38.

Harmony Biosciences Stock Up 16.1 %

HRMY opened at $41.49 on Tuesday. The firm has a market cap of $2.36 billion, a P/E ratio of 21.28, a PEG ratio of 0.69 and a beta of 0.73. The business’s fifty day simple moving average is $36.38 and its 200 day simple moving average is $33.02. Harmony Biosciences has a 52 week low of $19.03 and a 52 week 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.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.24. The company had revenue of $172.80 million for the quarter, compared to analyst estimates of $172.53 million. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The firm’s quarterly revenue was up 28.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 EPS. As a group, equities research analysts anticipate that Harmony Biosciences will post 2.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Harmony Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in HRMY. nVerses Capital LLC acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at about $36,000. CWM LLC raised its holdings 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 buying an additional 775 shares during the period. Quarry LP acquired a new position in Harmony Biosciences during the second quarter valued at approximately $62,000. Headlands Technologies LLC grew its stake in Harmony Biosciences by 1,608.1% during the second quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock worth $77,000 after buying an additional 2,396 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Harmony Biosciences by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after acquiring an additional 360 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.