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 following a stronger than expected earnings report. The stock had previously closed at $29.96, but opened at $31.11. Harmony Biosciences shares last traded at $31.61, with a volume of 147,182 shares.

The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.59 by $0.19. The firm had revenue of $184.73 million during the quarter, compared to analysts’ expectations of $184.26 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS.

Analysts Set New Price Targets

A number of analysts have commented on HRMY shares. HC Wainwright reiterated a “buy” rating and issued a $70.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, April 8th. Mizuho upped their target price on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $49.00 price target on shares of Harmony Biosciences in a report on Tuesday. Finally, UBS Group reduced their target price on shares of Harmony Biosciences from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, April 28th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Harmony Biosciences presently has an average rating of “Buy” and a consensus target price of $52.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new position in shares of Harmony Biosciences during the first quarter worth $29,000. GAMMA Investing LLC lifted its holdings in Harmony Biosciences by 92.6% during the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after acquiring an additional 436 shares in the last quarter. Mendota Financial Group LLC grew its stake in Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock valued at $33,000 after acquiring an additional 965 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Harmony Biosciences in the fourth quarter worth about $41,000. Finally, KBC Group NV raised its position in shares of Harmony Biosciences by 79.9% during the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after purchasing an additional 819 shares during the period. Institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Price Performance

The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $31.31 and a two-hundred day moving average price of $34.02. The firm has a market cap of $1.92 billion, a P/E ratio of 15.86, a PEG ratio of 0.47 and a beta of 0.82.

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.