Harmony Biosciences (NASDAQ:HRMY) Releases Earnings Results

Harmony Biosciences (NASDAQ:HRMY) announced its quarterly earnings data on Tuesday. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.05), Zacks reports. Harmony Biosciences had a return on equity of 26.34% and a net margin of 23.44%.The firm had revenue of $239.46 million during the quarter, compared to the consensus estimate of $222.68 million.

Harmony Biosciences Price Performance

HRMY stock traded down $0.07 during midday trading on Wednesday, reaching $30.66. 688,667 shares of the company’s stock traded hands, compared to its average volume of 719,940. The company has a 50-day simple moving average of $30.39 and a two-hundred day simple moving average of $32.69. Harmony Biosciences has a 1-year low of $25.52 and a 1-year high of $40.93. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 0.35 and a beta of 0.85. The company has a quick ratio of 3.80, a current ratio of 3.84 and a debt-to-equity ratio of 0.20.

Analysts Set New Price Targets

A number of brokerages have commented on HRMY. Needham & Company LLC reduced their price objective on Harmony Biosciences from $48.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. HC Wainwright reduced their price objective on Harmony Biosciences from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, September 25th. Truist Financial assumed coverage on Harmony Biosciences in a report on Monday, July 21st. They issued a “buy” rating and a $48.00 target price for the company. Wall Street Zen raised Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Monday, October 27th. Finally, Mizuho set a $36.00 target price on Harmony Biosciences in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Harmony Biosciences has a consensus rating of “Moderate Buy” and an average price target of $44.13.

Institutional Investors Weigh In On Harmony Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Nebula Research & Development LLC increased its holdings in Harmony Biosciences by 2.0% during the 2nd quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock valued at $550,000 after purchasing an additional 348 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Harmony Biosciences by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock worth $717,000 after purchasing an additional 532 shares during the period. Cetera Investment Advisers lifted its position in Harmony Biosciences by 9.8% during the 2nd quarter. Cetera Investment Advisers now owns 8,404 shares of the company’s stock valued at $266,000 after purchasing an additional 748 shares during the period. Bank of America Corp DE lifted its position in Harmony Biosciences by 0.3% during the 2nd quarter. Bank of America Corp DE now owns 270,220 shares of the company’s stock valued at $8,539,000 after purchasing an additional 898 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Harmony Biosciences by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,651 shares of the company’s stock valued at $752,000 after purchasing an additional 984 shares during the last quarter. 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.