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

Key Points

• Harmony Biosciences shares jumped 11.4% after the company reported quarterly EPS of $1.28, exceeding estimates of $0.96, while revenue reached $261.28 million and rose 30.3% year over year.
• Analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $42.62; Mizuho recently raised its target to $51.
• Institutional investors own 86.23% of the company, while Harmony maintains solid liquidity with a 3.56 quick ratio and modest debt-to-equity ratio of 0.15.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) shares shot up 11.4% on Tuesday following a stronger than expected earnings report. The stock traded as high as $38.56 and last traded at $39.6470. 146,792 shares were traded during mid-day trading, a decline of 83% from the average session volume of 849,267 shares. The stock had previously closed at $35.60.

The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.32. The business had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The company's revenue was up 30.3% compared to the same quarter last year. During the same period last year, the company posted $0.92 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on HRMY shares. Mizuho increased their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday. Zacks Research upgraded Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Harmony Biosciences from $30.00 to $36.00 and gave the company a "hold" rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded shares of Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. Finally, Truist Financial raised their target price on shares of Harmony Biosciences from $25.00 to $29.00 and gave the stock a "hold" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $42.62.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Robeco Institutional Asset Management B.V. raised its stake in shares of Harmony Biosciences by 0.6% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 47,085 shares of the company's stock worth $1,762,000 after purchasing an additional 298 shares in the last quarter. Nebula Research & Development LLC increased its holdings in Harmony Biosciences by 2.0% in the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company's stock worth $550,000 after buying an additional 348 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Harmony Biosciences by 2.4% during the second quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company's stock valued at $717,000 after acquiring an additional 532 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Harmony Biosciences by 25.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company's stock valued at $105,000 after acquiring an additional 575 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Harmony Biosciences by 286.7% in the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after acquiring an additional 602 shares during the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Price Performance

The company's 50-day simple moving average is $34.59 and its 200 day simple moving average is $32.52. The company has a market capitalization 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. The company has a quick ratio of 3.56, a current ratio of 3.58 and a debt-to-equity ratio of 0.15.

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.

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