Harmony Biosciences (NASDAQ:HRMY) Stock Rating Reaffirmed as Buy by Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 28.12% from the stock's current price.

HRMY has been the subject of a number of other research reports. Zacks Research cut shares of Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Oppenheimer reissued an "outperform" rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $42.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 1st. Mizuho boosted their target price on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Finally, UBS Group reissued a "neutral" rating and issued a $37.00 target price on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Harmony Biosciences has a consensus rating of "Hold" and a consensus price target of $47.44.

Harmony Biosciences Stock Performance

NASDAQ:HRMY traded down $1.26 during mid-day trading on Monday, hitting $39.03. 387,669 shares of the stock were exchanged, compared to its average volume of 860,820. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 0.32 and a beta of 1.01. The firm's 50-day simple moving average is $40.07 and its 200 day simple moving average is $35.04. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $43.49.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.32. The business had revenue of $261.28 million during the quarter, compared to analysts' expectations of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. The firm's revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period last year, the firm posted $0.92 EPS. As a group, equities analysts anticipate that Harmony Biosciences will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

In other news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 72,406 shares of company stock valued at $3,108,520 in the last three months. 11.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in shares of Harmony Biosciences by 166.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock worth $32,000 after acquiring an additional 510 shares in the last quarter. Nykredit A S acquired a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $33,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $65,000. Allworth Financial LP acquired a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $71,000. Finally, State of Wyoming acquired a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $83,000. Institutional investors own 86.23% of the company's stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company's activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony's principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.