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

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

A number of other research analysts have also recently commented on HRMY. Citigroup started coverage on Harmony Biosciences in a research note on Friday, June 21st. They set a buy rating and a $48.00 target price on the stock. UBS Group initiated coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They issued a buy rating and a $56.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Harmony Biosciences currently has a consensus rating of Moderate Buy and a consensus price target of $41.33.

Harmony Biosciences Stock Performance

NASDAQ:HRMY opened at $34.60 on Wednesday. The firm has a market capitalization of $1.97 billion, a PE ratio of 14.98, a PEG ratio of 0.77 and a beta of 0.73. The stock’s fifty day moving average is $36.08 and its 200 day moving average is $32.71. Harmony Biosciences has a fifty-two week low of $18.61 and a fifty-two week high of $40.60. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.24. The business had revenue of $172.80 million for 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 revenue for the quarter was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 earnings per share. On average, sell-side analysts anticipate that Harmony Biosciences will post 2.19 earnings per share for the current year.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors have recently made changes to their positions in the company. Handelsbanken Fonder AB grew its holdings in Harmony Biosciences by 15.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 11,300 shares of the company’s stock worth $452,000 after acquiring an additional 1,500 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Harmony Biosciences by 244.4% during the third quarter. SG Americas Securities LLC now owns 15,724 shares of the company’s stock valued at $629,000 after purchasing an additional 11,158 shares in the last quarter. Cim LLC increased its holdings in Harmony Biosciences by 14.4% during the second quarter. Cim LLC now owns 13,521 shares of the company’s stock valued at $408,000 after buying an additional 1,705 shares during the period. Quarry LP bought a new position in Harmony Biosciences in the second quarter worth approximately $62,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Harmony Biosciences during the second quarter worth $465,000. Hedge funds and other institutional investors 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.