Needham & Company LLC Issues Positive Forecast for Harmony Biosciences (NASDAQ:HRMY) Stock Price

Harmony Biosciences (NASDAQ:HRMY) had its price target upped by analysts at Needham & Company LLC from $45.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 27.23% from the stock’s previous close.

A number of other brokerages have also issued reports on HRMY. Truist Financial boosted their target price on shares of Harmony Biosciences from $25.00 to $29.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Harmony Biosciences from $30.00 to $36.00 and gave the stock a “hold” rating in a research note on Tuesday, June 30th. Zacks Research upgraded shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Harmony Biosciences in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.38.

Harmony Biosciences Trading Up 10.4%

Shares of HRMY traded up $3.70 during mid-day trading on Tuesday, reaching $39.30. 848,829 shares of the company’s stock traded hands, compared to its average volume of 853,812. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.58 and a quick ratio of 3.56. The stock’s 50-day moving average is $34.59 and its two-hundred day moving average is $32.52. Harmony Biosciences has a 12 month low of $25.52 and a 12 month high of $40.87. The stock has a market cap of $2.28 billion, a P/E ratio of 15.86, a P/E/G ratio of 0.33 and a beta of 0.96.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32. The company had revenue of $261.28 million during the quarter, compared to analysts’ expectations of $250.77 million. Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.Harmony Biosciences’s revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 EPS. Research analysts forecast that Harmony Biosciences will post 3.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmony Biosciences

Several large investors have recently modified their holdings of HRMY. SG Americas Securities LLC raised its stake in shares of Harmony Biosciences by 109.9% during the 1st quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock worth $56,529,000 after acquiring an additional 1,056,507 shares in the last quarter. Armistice Capital LLC purchased a new stake in Harmony Biosciences during the 4th quarter worth approximately $18,710,000. AQR Capital Management LLC increased its stake in Harmony Biosciences by 128.9% during the 4th quarter. AQR Capital Management LLC now owns 813,889 shares of the company’s stock valued at $30,456,000 after purchasing an additional 458,321 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Harmony Biosciences by 42.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company’s stock worth $35,701,000 after buying an additional 388,472 shares during the last quarter. Finally, UBS Group AG lifted its stake in shares of Harmony Biosciences by 213.3% during the third quarter. UBS Group AG now owns 503,081 shares of the company’s stock worth $13,865,000 after buying an additional 342,505 shares during the period. Institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.