Harmony Biosciences (NASDAQ:HRMY) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Harmony Biosciences (NASDAQ:HRMY) released its quarterly earnings data on Tuesday. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07, Yahoo Finance reports. Harmony Biosciences had a net margin of 22.16% and a return on equity of 27.49%. The business had revenue of $154.62 million for the quarter, compared to the consensus estimate of $154.10 million. During the same period in the prior year, the firm earned $0.48 EPS. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. Harmony Biosciences updated its FY 2024 guidance to EPS.

Harmony Biosciences Price Performance

HRMY traded down $0.27 during midday trading on Wednesday, hitting $30.64. 295,082 shares of the company traded hands, compared to its average volume of 390,438. The company has a current ratio of 2.75, a quick ratio of 2.72 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 0.41 and a beta of 0.73. Harmony Biosciences has a 52-week low of $18.61 and a 52-week high of $39.26. The business has a 50 day simple moving average of $31.24 and a two-hundred day simple moving average of $30.01.

Analysts Set New Price Targets

A number of analysts recently issued reports on HRMY shares. Mizuho lowered their price target on shares of Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $49.00 price target on shares of Harmony Biosciences in a report on Friday, April 12th. Bank of America reissued an “underperform” rating and set a $30.00 price target on shares of Harmony Biosciences in a report on Tuesday, January 2nd. Needham & Company LLC reissued a “buy” rating and set a $50.00 price target on shares of Harmony Biosciences in a report on Tuesday. Finally, The Goldman Sachs Group increased their price target on shares of Harmony Biosciences from $25.00 to $28.00 and gave the stock a “sell” rating in a report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.63.

Insider Activity

In other news, insider Jeffrey Dierks sold 11,979 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $32.00, for a total value of $383,328.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 30.80% of the company’s stock.

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.