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 $29.25, but opened at $31.65. Harmony Biosciences shares last traded at $33.42, with a volume of 677,286 shares traded.

The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. The firm had revenue of $154.62 million for the quarter, compared to analyst estimates of $154.10 million. Harmony Biosciences had a net margin of 22.30% and a return on equity of 28.26%. Harmony Biosciences’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS.

Analyst Ratings Changes

HRMY has been the subject of several research analyst reports. The Goldman Sachs Group raised their price target on Harmony Biosciences from $25.00 to $28.00 and gave the stock a “sell” rating in a research report on Tuesday, January 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $49.00 target price on shares of Harmony Biosciences in a research report on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and set a $50.00 price target on shares of Harmony Biosciences in a research report on Tuesday. Finally, Mizuho dropped their price objective on shares of Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. According to MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $40.63.

Insider Activity

In related news, insider Jeffrey Dierks sold 11,979 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $32.00, for a total transaction of $383,328.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its position in shares of Harmony Biosciences by 98,700.0% during the 4th quarter. TFO Wealth Partners LLC now owns 988 shares of the company’s stock worth $32,000 after purchasing an additional 987 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Harmony Biosciences by 47.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock valued at $33,000 after buying an additional 329 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Harmony Biosciences by 95.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,533 shares of the company’s stock worth $50,000 after buying an additional 748 shares during the last quarter. Oakworth Capital Inc. acquired a new position in shares of Harmony Biosciences during the 3rd quarter worth about $150,000. Finally, ELCO Management Co. LLC purchased a new position in shares of Harmony Biosciences in the 3rd quarter valued at about $210,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Trading Down 2.1 %

The business has a fifty day moving average price of $31.18 and a 200 day moving average price of $30.02. The firm has a market cap of $1.72 billion, a PE ratio of 13.10, a P/E/G ratio of 0.43 and a beta of 0.75. The company has a current ratio of 3.11, a quick ratio of 2.72 and a debt-to-equity ratio of 0.34.

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.