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

Needham & Company LLC reiterated their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note issued to investors on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $52.00 price objective on the stock.

Several other analysts also recently weighed in on the company. Raymond James restated an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. UBS Group began coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Mizuho upped their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.38.

Harmony Biosciences Stock Up 16.1 %

NASDAQ HRMY opened at $41.49 on Tuesday. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. Harmony Biosciences has a fifty-two week low of $19.03 and a fifty-two week high of $41.61. The business has a 50 day moving average price of $36.38 and a two-hundred day moving average price of $33.02. The stock has a market cap of $2.36 billion, a PE ratio of 21.28, a P/E/G ratio of 0.69 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.24. The business had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $172.53 million. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.56 earnings per share. As a group, sell-side analysts predict that Harmony Biosciences will post 2.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors have recently made changes to their positions in HRMY. LSV Asset Management boosted its holdings in Harmony Biosciences by 346.5% in the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after purchasing an additional 260,093 shares during the period. Marshall Wace LLP lifted its position in shares of Harmony Biosciences by 145.4% in the 2nd quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock worth $9,220,000 after buying an additional 181,092 shares during the last quarter. Rice Hall James & Associates LLC boosted its holdings in shares of Harmony Biosciences by 42.1% in the 2nd quarter. Rice Hall James & Associates LLC now owns 80,512 shares of the company’s stock valued at $2,429,000 after buying an additional 23,867 shares during the period. Victory Capital Management Inc. grew its position in shares of Harmony Biosciences by 54.1% during the 2nd quarter. Victory Capital Management Inc. now owns 84,964 shares of the company’s stock valued at $2,563,000 after buying an additional 29,816 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Harmony Biosciences by 56.7% during the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after acquiring an additional 215,700 shares during the period. 86.23% of the stock is currently owned by 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.