Needham & Company LLC Forecasts Strong Price Appreciation for Harmony Biosciences (NASDAQ:HRMY) Stock

Key Points

• Needham raised Harmony Biosciences’ price target to $50 from $45 and maintained a “buy” rating, implying 27.23% upside from the prior close. The stock carries a “Moderate Buy” consensus rating with an average target of $43.38.
• Harmony shares rose 10.4% to $39.30, near their 52-week high of $40.87. The company reported quarterly EPS of $1.28 versus the $0.96 consensus estimate, while revenue increased 30.3% year over year to $261.28 million.
• Institutional investors own approximately 86.23% of the stock, with several firms recently increasing their positions.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) had its price target lifted by investment analysts at Needham & Company LLC from $45.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective suggests a potential upside of 27.23% from the company's previous close.

Several other equities analysts have also issued reports on HRMY. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Harmony Biosciences from $30.00 to $36.00 and gave the company a "hold" rating in a report on Tuesday, June 30th. HC Wainwright reissued a "buy" rating and issued a $55.00 target price on shares of Harmony Biosciences in a report on Thursday, July 16th. Weiss Ratings raised Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Mizuho raised their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Friday. Finally, Zacks Research raised Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.38.

Harmony Biosciences Stock Up 10.4%

Harmony Biosciences stock traded up $3.70 on Tuesday, hitting $39.30. 848,829 shares of the stock traded hands, compared to its average volume of 853,812. Harmony Biosciences has a 1 year low of $25.52 and a 1 year high of $40.87. The firm has a market cap of $2.28 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. The company has a current ratio of 3.58, a quick ratio of 3.56 and a debt-to-equity ratio of 0.15. The business's fifty day simple moving average is $34.59 and its 200 day simple moving average is $32.52.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.32. Harmony Biosciences had a net margin of 16.20% and a return on equity of 17.19%. The firm had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. During the same period in the prior year, the firm earned $0.92 EPS. The company's revenue was up 30.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Harmony Biosciences will post 3.3 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

A number of large investors have recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. lifted its position in Harmony Biosciences by 0.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 47,085 shares of the company's stock worth $1,762,000 after buying an additional 298 shares during the last quarter. Nebula Research & Development LLC increased its position in Harmony Biosciences by 2.0% during the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company's stock valued at $550,000 after acquiring an additional 348 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Harmony Biosciences by 2.4% during the second quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company's stock valued at $717,000 after acquiring an additional 532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Harmony Biosciences by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company's stock valued at $105,000 after acquiring an additional 575 shares during the period. Finally, Allworth Financial LP raised its stake in shares of Harmony Biosciences by 286.7% in the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after acquiring an additional 602 shares during the period. 86.23% of the stock is currently owned by institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company's mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company's flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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