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

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) gapped up prior to trading on Tuesday following a better than expected earnings announcement. 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 earnings per share (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 had revenue of $184.73 million during the quarter, compared to the consensus estimate of $184.26 million. During the same period last year, the company earned $0.67 EPS. The company’s revenue for the quarter was up 19.5% on a year-over-year basis.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in 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 increased its position in Harmony Biosciences by 92.6% in 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 lifted its position in Harmony Biosciences by 24,125.0% during the 4th quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock worth $33,000 after acquiring an additional 965 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Harmony Biosciences in the fourth quarter valued at approximately $41,000. Finally, KBC Group NV raised its stake 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 last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Trading Up 7.0 %

The stock has a market capitalization of $1.84 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 0.47 and a beta of 0.82. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The business’s 50-day moving average is $31.32 and its two-hundred day moving average is $34.02.

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.