Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up to $36.89

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares gapped up prior to trading on Tuesday . The stock had previously closed at $36.89, but opened at $38.07. Harmony Biosciences shares last traded at $37.12, with a volume of 42,556 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts recently commented on HRMY shares. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a report on Tuesday, August 6th. Citigroup initiated coverage on Harmony Biosciences in a research note on Friday, June 21st. They set a “buy” rating and a $48.00 price target on the stock. Finally, UBS Group assumed coverage on Harmony Biosciences in a research note on Tuesday. They issued a “buy” rating and a $56.00 price objective for the company. Two analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.33.

Harmony Biosciences Price Performance

The company has a 50-day moving average of $34.28 and a 200-day moving average of $31.90. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 0.71 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.24. The business had revenue of $172.80 million for the quarter, compared to the consensus estimate of $172.53 million. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. The business’s revenue was up 28.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.56 earnings per share. As a group, equities research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds have recently modified their holdings of the company. Truist Financial Corp purchased a new position in shares of Harmony Biosciences during the fourth quarter valued at approximately $297,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Harmony Biosciences by 9.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 319,167 shares of the company’s stock worth $10,309,000 after purchasing an additional 28,256 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Harmony Biosciences by 31.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,509 shares of the company’s stock worth $889,000 after purchasing an additional 6,571 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Harmony Biosciences by 47.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock valued at $33,000 after purchasing an additional 329 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Harmony Biosciences in the fourth quarter valued at $432,000. 86.23% of the stock is owned by institutional investors and hedge funds.

About Harmony Biosciences

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.