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

Harmony Biosciences (NASDAQ:HRMY) had its target price dropped by research analysts at Needham & Company LLC from $52.00 to $50.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 35.85% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Oppenheimer restated an “outperform” rating and set a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target on the stock. Cantor Fitzgerald increased their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of Harmony Biosciences in a research note on Monday, January 27th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $54.78.

Harmony Biosciences Trading Down 5.8 %

NASDAQ HRMY traded down $2.29 during trading on Wednesday, hitting $36.81. The stock had a trading volume of 455,702 shares, compared to its average volume of 544,858. The company has a market capitalization of $2.10 billion, a PE ratio of 17.42, a PEG ratio of 0.52 and a beta of 0.80. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $36.28 and a 200 day moving average price of $35.71. Harmony Biosciences has a twelve month low of $28.14 and a twelve month high of $41.61.

Insider Buying and Selling

In other news, CFO Sandip Kapadia sold 1,775 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $38.05, for a total value of $67,538.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey Dierks sold 1,123 shares of Harmony Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.00, for a total value of $44,920.00. 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 over the last three months. 30.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of HRMY. Deep Track Capital LP acquired a new position in Harmony Biosciences during the 4th quarter worth approximately $49,894,000. Vanguard Group Inc. raised its position in shares of Harmony Biosciences by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock valued at $162,883,000 after purchasing an additional 1,262,362 shares in the last quarter. Marshall Wace LLP raised its position in shares of Harmony Biosciences by 165.2% in the 4th quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock valued at $31,992,000 after purchasing an additional 579,103 shares in the last quarter. Norges Bank acquired a new position in shares of Harmony Biosciences in the 4th quarter valued at approximately $16,118,000. Finally, Pacer Advisors Inc. raised its position in shares of Harmony Biosciences by 18.2% in the 4th quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after purchasing an additional 351,582 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

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.