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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s stock price gapped down before the market opened 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 changing hands.

Analysts Set New Price Targets

Several research firms have recently commented on HRMY. Weiss Ratings raised Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Zacks Research raised shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday. Truist Financial lifted 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. HC Wainwright reaffirmed a “buy” rating on shares of Harmony Biosciences in a report on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Harmony Biosciences from $30.00 to $36.00 and gave the stock a “hold” rating in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.50.

Harmony Biosciences Stock Performance

The stock has a market cap of $1.93 billion, a PE ratio of 13.44, a P/E/G ratio of 0.33 and a beta of 0.94. The stock has a 50-day moving average of $33.37 and a 200 day moving average of $32.73. The company has a quick ratio of 3.56, a current ratio of 3.58 and a debt-to-equity ratio of 0.15.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Thursday, May 7th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.21). Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The firm had revenue of $215.39 million for the quarter, compared to analysts’ expectations of $220.84 million. During the same period last year, the firm earned $0.78 earnings per share. Harmony Biosciences’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities analysts predict that Harmony Biosciences Holdings, Inc. will post 3.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds have recently made changes to their positions in HRMY. EverSource Wealth Advisors LLC grew its stake in Harmony Biosciences by 589.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock valued at $28,000 after acquiring an additional 643 shares during the period. Leonteq Securities AG bought a new position in shares of Harmony Biosciences during the 4th quarter valued at about $30,000. Allworth Financial LP lifted its holdings in shares of Harmony Biosciences by 286.7% during the 4th quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after purchasing an additional 602 shares in the last quarter. Clearstead Advisors LLC grew its position in shares of Harmony Biosciences by 145.9% in the 4th quarter. Clearstead Advisors LLC now owns 1,178 shares of the company’s stock valued at $44,000 after purchasing an additional 699 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in Harmony Biosciences during the 4th quarter worth approximately $47,000. Hedge funds and other institutional investors own 86.23% of the company’s stock.

About Harmony Biosciences

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.