Harmony Biosciences (NASDAQ:HRMY) Announces Earnings Results, Beats Estimates By $0.32 EPS

Key Points

• Harmony Biosciences beat quarterly expectations: Earnings per share came in at $1.28, $0.32 above estimates, while revenue reached $261.28 million versus the $250.77 million consensus. Revenue increased 30.3% year over year.
• Analyst sentiment is generally positive: The stock has a “Moderate Buy” consensus rating and an average price target of $42.62, with recent targets ranging as high as $55.
• HRMY shares opened at $38.99: Harmony has a $2.26 billion market capitalization, a 15.65 price-to-earnings ratio, and institutional investors own 86.23% of its outstanding shares.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) released its earnings results on Tuesday. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.32, FiscalAI reports. Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The company had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. During the same period in the previous year, the business earned $0.92 earnings per share. Harmony Biosciences's quarterly revenue was up 30.3% compared to the same quarter last year.

Harmony Biosciences Price Performance

HRMY stock opened at $38.99 on Tuesday. 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's fifty day moving average price is $34.59 and its 200-day moving average price is $32.52. Harmony Biosciences has a one year low of $25.52 and a one year high of $40.87. The company has a market capitalization of $2.26 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96.

Analysts Set New Price Targets

Several research firms have recently commented on HRMY. Zacks Research raised Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. HC Wainwright restated a "buy" rating and set a $55.00 target price on shares of Harmony Biosciences in a research note on Thursday, July 16th. Mizuho upped their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Harmony Biosciences from $30.00 to $36.00 and gave the company a "hold" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings raised shares of Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $42.62.

Institutional Trading of Harmony Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI bought a new position in shares of Harmony Biosciences during the 3rd quarter valued at about $40,000. Kestra Advisory Services LLC purchased a new position in shares of Harmony Biosciences during the fourth quarter valued at about $47,000. PNC Financial Services Group Inc. increased its holdings in shares of Harmony Biosciences by 30.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the company's stock worth $100,000 after purchasing an additional 619 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Harmony Biosciences by 338.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,511 shares of the company's stock worth $111,000 after purchasing an additional 2,711 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of Harmony Biosciences in the second quarter worth about $120,000. 86.23% of the stock is currently owned by institutional investors.

Harmony Biosciences Company Profile

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.

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