Needham & Company LLC Reaffirms “Buy” Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They presently have a $52.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 45.45% from the company’s previous close.

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

Harmony Biosciences Price Performance

HRMY stock opened at $35.75 on Tuesday. The firm has a 50 day moving average of $36.38 and a 200-day moving average of $33.02. The firm has a market capitalization of $2.03 billion, a P/E ratio of 18.33, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73. Harmony Biosciences has a 12 month low of $19.03 and a 12 month high of $40.60. The company has a current ratio of 3.13, a quick ratio of 3.09 and a debt-to-equity ratio of 0.32.

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

Institutional Investors Weigh In On Harmony Biosciences

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