Needham & Company LLC Reiterates Buy Rating for Harmony Biosciences (NASDAQ:HRMY)

Needham & Company LLC reaffirmed their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a report published on Monday, Benzinga reports. They currently have a $52.00 price target on the stock.

A number of other research firms have also issued reports on HRMY. Citigroup started coverage on Harmony Biosciences in a report on Friday, June 21st. They set a buy rating and a $48.00 price target on the stock. Mizuho lowered their target price on Harmony Biosciences from $42.00 to $40.00 and set a buy rating on the stock in a research note on Tuesday, February 27th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $49.00 target price on shares of Harmony Biosciences in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $41.67.

Harmony Biosciences Price Performance

HRMY stock opened at $31.08 on Monday. The company has a current ratio of 3.11, a quick ratio of 3.07 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.77 billion, a P/E ratio of 13.45, a PEG ratio of 0.68 and a beta of 0.72. The business has a 50 day simple moving average of $29.86 and a 200-day simple moving average of $31.26. Harmony Biosciences has a twelve month low of $18.61 and a twelve month high of $39.26.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Harmony Biosciences had a net margin of 22.30% and a return on equity of 28.26%. The firm had revenue of $154.62 million during the quarter, compared to the consensus estimate of $154.10 million. During the same quarter in the prior year, the firm earned $0.48 EPS. Harmony Biosciences’s revenue for the quarter was up 29.8% on a year-over-year basis. As a group, equities analysts anticipate that Harmony Biosciences will post 1.96 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its holdings in Harmony Biosciences by 534,795.2% in the fourth quarter. Pacer Advisors Inc. now owns 1,224,910 shares of the company’s stock valued at $39,565,000 after acquiring an additional 1,224,681 shares during the period. Federated Hermes Inc. boosted its holdings in Harmony Biosciences by 2,132.8% during the fourth quarter. Federated Hermes Inc. now owns 525,337 shares of the company’s stock worth $16,968,000 after buying an additional 501,809 shares in the last quarter. LSV Asset Management boosted its holdings in Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after buying an additional 260,093 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Harmony Biosciences by 18.3% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,420,000 shares of the company’s stock worth $46,533,000 after buying an additional 220,000 shares during the period. Finally, Capital Management Corp VA purchased a new position in Harmony Biosciences in the first quarter valued at about $7,018,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.