Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) gapped down prior to trading on Thursday . The stock had previously closed at $34.90, but opened at $32.94. Harmony Biosciences shares last traded at $32.7070, with a volume of 280,585 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on HRMY shares. Zacks Research raised shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday. 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 report on Tuesday, June 30th. Weiss Ratings raised shares of Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Truist Financial increased 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. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Harmony Biosciences in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $42.50.

Harmony Biosciences Stock Performance

The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 0.33 and a beta of 0.94. 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 has a 50-day moving average of $33.37 and a 200 day moving average of $32.73.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.21). The firm had revenue of $215.39 million for the quarter, compared to the consensus estimate of $220.84 million. Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The firm’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 EPS. On average, analysts expect that Harmony Biosciences Holdings, Inc. will post 3.26 EPS for the current year.

Institutional Trading of Harmony Biosciences

Several institutional investors have recently modified their holdings of the business. City Center Advisors LLC boosted its holdings in shares of Harmony Biosciences by 10.8% in the second quarter. City Center Advisors LLC now owns 9,625 shares of the company’s stock worth $350,000 after buying an additional 939 shares during the last quarter. CX Institutional increased its holdings in Harmony Biosciences by 6.1% during the second quarter. CX Institutional now owns 259,496 shares of the company’s stock valued at $9,448,000 after buying an additional 14,809 shares during the last quarter. Pacer Advisors Inc. raised its position in Harmony Biosciences by 9.7% in the first quarter. Pacer Advisors Inc. now owns 318,527 shares of the company’s stock worth $8,922,000 after acquiring an additional 28,174 shares during the period. Segall Bryant & Hamill LLC boosted its stake in shares of Harmony Biosciences by 65.0% during the 1st quarter. Segall Bryant & Hamill LLC now owns 30,059 shares of the company’s stock worth $842,000 after acquiring an additional 11,841 shares during the last quarter. Finally, Edgestream Partners L.P. grew its position in shares of Harmony Biosciences by 52.1% during the 1st quarter. Edgestream Partners L.P. now owns 138,130 shares of the company’s stock valued at $3,869,000 after acquiring an additional 47,303 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.