Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up Following Strong Earnings

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. 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 changing hands.

The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business’s revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Harmony Biosciences in a report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $70.00 target price on shares of Harmony Biosciences in a report on Tuesday, April 8th. Mizuho lifted their price target on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, March 18th. Needham & Company LLC reissued a “buy” rating and issued a $49.00 price objective on shares of Harmony Biosciences in a research note on Tuesday. Finally, UBS Group dropped their target price on shares of Harmony Biosciences from $55.00 to $48.00 and set a “buy” rating for the company in a report on Monday, April 28th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $52.33.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds have recently modified their holdings of HRMY. Financial Management Professionals Inc. acquired a new position in shares of Harmony Biosciences in the 1st quarter valued at $29,000. GAMMA Investing LLC grew its position in shares of Harmony Biosciences by 92.6% during the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after acquiring an additional 436 shares during the period. Mendota Financial Group LLC increased its stake in shares of Harmony Biosciences by 24,125.0% in the 4th quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock valued at $33,000 after purchasing an additional 965 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in Harmony Biosciences in the 4th quarter worth about $41,000. Finally, KBC Group NV boosted its position in 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 in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Price Performance

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 market capitalization of $1.82 billion, a PE ratio of 15.01, a PEG ratio of 0.47 and a beta of 0.82. The stock has a 50-day moving average price of $31.34 and a 200 day moving average price of $34.04.

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.