Needham & Company LLC Cuts Harmony Biosciences (NASDAQ:HRMY) Price Target to $50.00

Harmony Biosciences (NASDAQ:HRMY) had its price target trimmed by Needham & Company LLC from $52.00 to $50.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms also recently weighed in on HRMY. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of Harmony Biosciences in a research report on Monday, January 27th. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Cantor Fitzgerald increased their price objective on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price target on the stock. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Buy” and a consensus price target of $54.78.

Harmony Biosciences Stock Down 9.6 %

NASDAQ:HRMY opened at $35.32 on Wednesday. Harmony Biosciences has a fifty-two week low of $28.14 and a fifty-two week high of $41.61. The company’s 50-day simple moving average is $36.47 and its 200-day simple moving average is $35.75. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The stock has a market capitalization of $2.01 billion, a P/E ratio of 16.74, a P/E/G ratio of 0.52 and a beta of 0.80.

Insider Transactions at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 10,507 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $37.01, for a total transaction of $388,864.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sandip Kapadia sold 1,775 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The disclosure for this sale can be found here. Insiders sold a total of 72,452 shares of company stock valued at $2,831,679 in the last three months. 30.80% of the stock is currently owned by company insiders.

Institutional Trading of Harmony Biosciences

Several large investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Harmony Biosciences during the 4th quarter valued at about $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Harmony Biosciences by 1.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,331 shares of the company’s stock valued at $2,145,000 after purchasing an additional 678 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Harmony Biosciences by 24.4% during the 4th quarter. Voloridge Investment Management LLC now owns 356,072 shares of the company’s stock worth $12,252,000 after purchasing an additional 69,886 shares during the period. Vident Advisory LLC increased its position in shares of Harmony Biosciences by 17.9% during the fourth quarter. Vident Advisory LLC now owns 16,426 shares of the company’s stock valued at $565,000 after acquiring an additional 2,493 shares during the last quarter. Finally, Virtus Investment Advisers Inc. purchased a new position in shares of Harmony Biosciences during the 4th quarter worth approximately $124,000. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

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.