Harmony Biosciences (NASDAQ:HRMY) Releases Earnings Results, Beats Estimates By $0.32 EPS

Harmony Biosciences (NASDAQ:HRMY) posted its earnings results on Tuesday. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32, FiscalAI reports. Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The firm had revenue of $261.28 million during the quarter, compared to the consensus estimate of $250.77 million. During the same period in the prior year, the company earned $0.92 EPS. The company’s quarterly revenue was up 30.3% compared to the same quarter last year.

Harmony Biosciences Price Performance

Shares of HRMY stock opened at $38.99 on Tuesday. The firm has a market capitalization of $2.26 billion, a P/E ratio of 15.65, a P/E/G ratio of 0.33 and a beta of 0.96. Harmony Biosciences has a 52-week low of $25.52 and a 52-week high of $40.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.56 and a current ratio of 3.58. The stock has a 50 day moving average price of $34.59 and a 200 day moving average price of $32.52.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new stake in shares of Harmony Biosciences in the 3rd quarter worth approximately $40,000. Kestra Advisory Services LLC bought a new position in Harmony Biosciences in the fourth quarter worth approximately $47,000. PNC Financial Services Group Inc. lifted its holdings in Harmony Biosciences by 30.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the company’s stock worth $100,000 after buying an additional 619 shares during the period. Tower Research Capital LLC TRC boosted its position in Harmony Biosciences by 338.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,511 shares of the company’s stock valued at $111,000 after acquiring an additional 2,711 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Harmony Biosciences in the 2nd quarter valued at $120,000. 86.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Weiss Ratings upgraded shares of Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Truist Financial boosted their target price on shares of Harmony Biosciences from $25.00 to $29.00 and gave the stock a “hold” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Harmony Biosciences from $30.00 to $36.00 and gave the company a “hold” rating in a research report on Tuesday, June 30th. HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Harmony Biosciences in a research report on Thursday, July 16th. Finally, Mizuho boosted their price objective on Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.62.

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.