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

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They currently have a $50.00 price objective on the stock. Needham & Company LLC's price target points to a potential upside of 62.02% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $49.00 target price on shares of Harmony Biosciences in a report on Thursday, March 28th. Mizuho reduced their price objective on Harmony Biosciences from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, February 27th. The Goldman Sachs Group increased their price objective on Harmony Biosciences from $25.00 to $28.00 and gave the stock a "sell" rating in a research note on Tuesday, January 9th. Finally, Bank of America reissued an "underperform" rating and issued a $30.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the stock. According to data from MarketBeat, Harmony Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.63.

Harmony Biosciences Trading Up 3.4 %

Shares of NASDAQ HRMY traded up $1.02 during mid-day trading on Tuesday, hitting $30.86. 392,475 shares of the company traded hands, compared to its average volume of 374,531. Harmony Biosciences has a 1 year low of $18.61 and a 1 year high of $39.26. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 0.43 and a beta of 0.73. The company has a quick ratio of 2.72, a current ratio of 2.75 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average of $32.21 and a two-hundred day moving average of $30.25.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Thursday, February 22nd. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.29). Harmony Biosciences had a net margin of 22.16% and a return on equity of 27.49%. The company had revenue of $168.40 million for the quarter, compared to analysts' expectations of $168.90 million. During the same period in the prior year, the company earned $1.01 earnings per share. The company's revenue for the quarter was up 31.3% on a year-over-year basis. On average, sell-side analysts anticipate that Harmony Biosciences will post 3 earnings per share for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 11,979 shares of the firm's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $32.00, for a total transaction of $383,328.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 34.70% of the company's stock.

Institutional Investors Weigh In On Harmony Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. TFO Wealth Partners LLC increased its holdings in shares of Harmony Biosciences by 98,700.0% during the 4th quarter. TFO Wealth Partners LLC now owns 988 shares of the company's stock valued at $32,000 after acquiring an additional 987 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Harmony Biosciences by 47.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company's stock valued at $33,000 after acquiring an additional 329 shares during the last quarter. State of Wyoming increased its holdings in shares of Harmony Biosciences by 91.6% during the 4th quarter. State of Wyoming now owns 1,462 shares of the company's stock valued at $81,000 after acquiring an additional 699 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Harmony Biosciences by 95.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,533 shares of the company's stock valued at $50,000 after acquiring an additional 748 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of Harmony Biosciences during the 2nd quarter valued at about $61,000. 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.