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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 35.03% from the company’s current price.

HRMY has been the subject of several other reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $42.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 1st. Truist Financial raised their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. UBS Group reiterated a “neutral” rating and set a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Mizuho lifted their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, Wall Street Zen raised shares of Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.44.

Harmony Biosciences Trading Down 3.1%

HRMY stock opened at $37.03 on Monday. The company has a market cap of $2.16 billion, a P/E ratio of 12.41, a PEG ratio of 0.30 and a beta of 1.01. Harmony Biosciences has a twelve month low of $25.52 and a twelve month high of $43.49. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $40.09 and a 200-day moving average of $35.19.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.32. The business had revenue of $261.28 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.92 earnings per share. As a group, equities research analysts expect that Harmony Biosciences will post 3.79 EPS for the current year.

Insider Buying and Selling at Harmony Biosciences

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 value of $1,543,428.60. Following the transaction, the insider directly owned 13,115 shares in the company, valued at $564,600.75. This trade represents a 73.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 72,406 shares of company stock valued at $3,108,520. Corporate insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRMY. IFP Advisors Inc boosted its stake in Harmony Biosciences by 4.6% in the 2nd quarter. IFP Advisors Inc now owns 8,102 shares of the company’s stock valued at $295,000 after purchasing an additional 353 shares during the period. Farther Finance Advisors LLC increased its position in 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 buying an additional 510 shares during the period. Illinois Municipal Retirement Fund increased its position in Harmony Biosciences by 3.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 20,020 shares of the company’s stock worth $561,000 after buying an additional 727 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in Harmony Biosciences by 4.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,566 shares of the company’s stock worth $640,000 after buying an additional 787 shares during the period. Finally, Nykredit A S acquired a new stake in shares of Harmony Biosciences during the second quarter worth $33,000. Institutional investors own 86.23% of the company’s stock.

Key Harmony Biosciences News

Here are the key news stories impacting Harmony Biosciences this week:

• Positive Sentiment: Analysts reaffirm bullish views: HC Wainwright maintained a Buy rating and set a $55 price target, implying substantial upside from the reference price. Needham also reaffirmed its Buy rating with a $50 target. These actions suggest some analysts expect continued growth from Harmony’s commercial business. HC Wainwright Buy Rating Needham Buy Rating
• Positive Sentiment: Recent operating performance remains strong: Harmony’s latest reported quarter exceeded earnings and revenue expectations, with revenue up 30.3% year over year. That growth could support the company’s valuation and the bullish analyst targets.
• Neutral Sentiment: CEO transition announced: Harmony promoted COO Peter Anastasiou to president and CEO as part of a planned transition intended to support the company’s next phase of growth. The appointment provides continuity from within management, although investors may monitor execution under the new leadership. Harmony Promotes Peter Anastasiou Planned CEO Transition
• Negative Sentiment: Bank of America remains bearish: Bank of America Securities reiterated its Sell rating on HRMY. The opposing view offsets the recent Buy reiterations and may contribute to caution among investors, particularly while the company undergoes a leadership change. Bank of America Sell Rating

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.