Harmony Biosciences (NASDAQ:HRMY) Stock Price Up 11.4% Following Strong Earnings

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s stock price was up 11.4% on Tuesday following a stronger than expected earnings report. The company traded as high as $38.56 and last traded at $39.6470. Approximately 146,792 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 849,267 shares. The stock had previously closed at $35.60.

The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.32. The firm had revenue of $261.28 million during the quarter, compared to analysts’ expectations of $250.77 million. Harmony Biosciences had a net margin of 16.20% and a return on equity of 17.19%. Harmony Biosciences’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 earnings per share.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Mizuho upped their price target on Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday. Zacks Research raised Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Truist Financial boosted their target price on 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 Harmony Biosciences from $30.00 to $36.00 and gave the stock a “hold” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings upgraded Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.62.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Harmony Biosciences by 13.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock valued at $58,157,000 after buying an additional 245,784 shares during the period. SG Americas Securities LLC increased its stake in Harmony Biosciences by 109.9% during the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock valued at $56,529,000 after acquiring an additional 1,056,507 shares during the period. State Street Corp increased its stake in Harmony Biosciences by 0.5% during the fourth quarter. State Street Corp now owns 1,661,850 shares of the company’s stock valued at $62,186,000 after acquiring an additional 8,246 shares during the period. LSV Asset Management raised its holdings in Harmony Biosciences by 3.9% in the 4th quarter. LSV Asset Management now owns 1,657,093 shares of the company’s stock valued at $62,008,000 after acquiring an additional 62,200 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Harmony Biosciences by 15.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,491,605 shares of the company’s stock valued at $55,816,000 after acquiring an additional 196,224 shares in the last quarter. Institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Price Performance

The stock has a 50-day simple moving average of $34.59 and a 200 day simple moving average of $32.52. 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 company has a market cap of $2.30 billion, a P/E ratio of 16.02, a P/E/G ratio of 0.33 and a beta of 0.96.

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.