Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up After Better-Than-Expected Earnings

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $35.75, but opened at $37.58. Harmony Biosciences shares last traded at $38.28, with a volume of 157,294 shares changing hands.

The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The firm had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on HRMY shares. Raymond James reiterated an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a research note on Thursday, October 10th. Mizuho lifted their target price on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Oppenheimer reiterated an “outperform” rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday. UBS Group began coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective on the stock. Finally, Cantor Fitzgerald boosted their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of HRMY. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Harmony Biosciences by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after acquiring an additional 360 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Harmony Biosciences by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock valued at $1,184,000 after purchasing an additional 397 shares during the period. Texas Permanent School Fund Corp raised its holdings in shares of Harmony Biosciences by 1.8% during the first quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock valued at $964,000 after buying an additional 517 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Harmony Biosciences by 7.0% during the first quarter. ProShare Advisors LLC now owns 10,488 shares of the company’s stock worth $352,000 after buying an additional 684 shares during the period. Finally, Profund Advisors LLC grew its holdings in Harmony Biosciences by 11.1% in the 2nd quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after buying an additional 758 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Trading Down 18.5 %

The firm has a 50-day moving average of $36.50 and a 200 day moving average of $33.10. The company has a current ratio of 3.13, a quick ratio of 3.09 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.69 and a beta of 0.73.

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.