Harmony Biosciences (NASDAQ:HRMY) Announces Earnings Results

Harmony Biosciences (NASDAQ:HRMY) released its earnings results on Tuesday. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.04, Zacks reports. Harmony Biosciences had a return on equity of 26.34% and a net margin of 23.44%.

Harmony Biosciences Trading Up 0.6%

HRMY traded up $0.17 during trading on Tuesday, hitting $29.50. The company’s stock had a trading volume of 407,034 shares, compared to its average volume of 713,632. The firm has a market capitalization of $1.70 billion, a P/E ratio of 9.56, a PEG ratio of 0.34 and a beta of 0.85. Harmony Biosciences has a twelve month low of $25.52 and a twelve month high of $40.93. The stock’s fifty day moving average price is $30.52 and its 200-day moving average price is $32.67. The company has a quick ratio of 3.80, a current ratio of 3.84 and a debt-to-equity ratio of 0.20.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HRMY. BNP Paribas Financial Markets lifted its position in shares of Harmony Biosciences by 677.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 307,165 shares of the company’s stock valued at $9,706,000 after buying an additional 267,658 shares during the last quarter. Empowered Funds LLC purchased a new stake in Harmony Biosciences during the 1st quarter worth about $2,330,000. Man Group plc lifted its holdings in Harmony Biosciences by 34.8% during the 2nd quarter. Man Group plc now owns 252,619 shares of the company’s stock worth $7,983,000 after purchasing an additional 65,252 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Harmony Biosciences by 53.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 95,389 shares of the company’s stock worth $3,166,000 after purchasing an additional 33,058 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Harmony Biosciences during the 2nd quarter worth about $936,000. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HRMY. UBS Group cut their price target on Harmony Biosciences from $50.00 to $43.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Harmony Biosciences in a research note on Tuesday, October 14th. The Goldman Sachs Group began coverage on Harmony Biosciences in a research note on Thursday, July 10th. They set a “neutral” rating and a $33.00 price target on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday, September 25th. Finally, Mizuho set a $36.00 price objective on Harmony Biosciences in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $44.13.

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.