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

Key Points

• Needham reaffirmed a “Buy” rating on Harmony Biosciences and set a $50 price target, implying 31.75% upside from the $37.95 share price. Analysts overall give the stock a “Moderate Buy” consensus rating with a $48.20 average target.
• Harmony reported stronger-than-expected quarterly results, posting $1.28 in EPS versus the $0.96 consensus estimate and $261.28 million in revenue, up 30.3% year over year.
• Institutional investors own 86.23% of the company, while insiders have recently sold shares; one insider sold 35,852 shares for approximately $1.54 million in September.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They presently have a $50.00 target price on the stock. Needham & Company LLC's price target indicates a potential upside of 31.75% from the company's current price.

A number of other equities analysts also recently issued reports on HRMY. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $42.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 1st. Zacks Research raised Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Mizuho upped their price objective on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Weiss Ratings upgraded Harmony Biosciences from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, October 12th. Finally, Truist Financial upped their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Harmony Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $48.20.

Harmony Biosciences Price Performance

Shares of HRMY opened at $37.95 on Monday. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 0.30 and a beta of 1.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The stock has a fifty day moving average of $40.06 and a 200-day moving average of $35.42. Harmony Biosciences has a 52 week low of $25.52 and a 52 week high of $43.49.

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

Insider Activity

In other news, insider Kumar Budur sold 35,852 shares of the firm's stock in a transaction on Friday, September 18th. The stock was sold at an average price of $43.05, for a total transaction of $1,543,428.60. Following the completion of the sale, the insider directly owned 13,115 shares of the company's stock, valued at $564,600.75. This trade represents a 73.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 72,406 shares of company stock worth $3,108,520. Company insiders own 11.00% of the company's stock.

Institutional Investors Weigh In On Harmony Biosciences

Several large investors have recently modified their holdings of HRMY. IFP Advisors Inc increased its position in Harmony Biosciences by 3.7% in the third quarter. IFP Advisors Inc now owns 8,399 shares of the company's stock worth $330,000 after buying an additional 297 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Harmony Biosciences by 166.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock valued at $32,000 after acquiring an additional 510 shares during the period. Argent Capital Management LLC bought a new stake in shares of Harmony Biosciences during the 3rd quarter valued at $647,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Harmony Biosciences by 4.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 17,566 shares of the company's stock valued at $640,000 after buying an additional 787 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in Harmony Biosciences during the 2nd quarter worth approximately $65,000. Hedge funds and other 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.