Harmony Biosciences (NASDAQ:HRMY) Announces Earnings Results

Harmony Biosciences (NASDAQ:HRMY) posted its earnings results on Tuesday. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.15, Briefing.com reports. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. During the same quarter in the prior year, the company posted $0.63 earnings per share. Harmony Biosciences’s revenue for the quarter was up 16.0% compared to the same quarter last year. Harmony Biosciences updated its FY 2024 guidance to EPS.

Harmony Biosciences Stock Up 4.9 %

Harmony Biosciences stock traded up $1.57 during mid-day trading on Friday, hitting $33.70. The company had a trading volume of 2,731,123 shares, compared to its average volume of 455,399. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 0.67 and a beta of 0.73. Harmony Biosciences has a 1 year low of $22.89 and a 1 year high of $41.61. The company has a quick ratio of 3.09, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $36.36 and a 200 day moving average of $33.10.

Insider Buying and Selling at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 30.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Raymond James reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research report on Tuesday. Mizuho increased their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Cantor Fitzgerald increased their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, UBS Group initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

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.