Harmony Biosciences (NASDAQ:HRMY) Trading Down 5.8% - Here's What Happened

Key Points

• Harmony Biosciences' stock price fell by 5.8%, closing at $33.75, with trading volume down 76% from its average.
• Analysts maintain a consensus rating of "Buy" for HRMY shares, with target prices ranging from $33.00 to $55.00, and an average target of $51.00.
• Despite missing quarterly earnings expectations, Harmony Biosciences reported a 16% year-over-year revenue increase, with $200.49 million for the quarter.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) traded down 5.8% during trading on Tuesday . The company traded as low as $34.15 and last traded at $33.75. 154,940 shares were traded during trading, a decline of 76% from the average session volume of 651,656 shares. The stock had previously closed at $35.83.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on HRMY shares. Cantor Fitzgerald raised shares of Harmony Biosciences to a "strong-buy" rating in a research report on Tuesday, May 13th. Truist Financial assumed coverage on Harmony Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $48.00 target price for the company. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $55.00 target price (up from $54.00) on shares of Harmony Biosciences in a research note on Thursday, July 10th. The Goldman Sachs Group started coverage on Harmony Biosciences in a research note on Thursday, July 10th. They set a "neutral" rating and a $33.00 target price for the company. Finally, Mizuho lifted their price objective on shares of Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $51.00.

Harmony Biosciences Trading Down 6.4%

The firm has a market cap of $1.93 billion, a P/E ratio of 10.80, a PEG ratio of 0.42 and a beta of 0.84. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.80 and a current ratio of 3.84. The company has a 50 day moving average of $35.55 and a 200 day moving average of $33.58.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Harmony Biosciences had a return on equity of 26.34% and a net margin of 23.44%.The company had revenue of $200.49 million for the quarter, compared to the consensus estimate of $204.37 million. During the same period in the previous year, the company earned $1.05 EPS. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. Harmony Biosciences has set its FY 2025 guidance at EPS. Analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of HRMY. Financial Management Professionals Inc. bought a new position in Harmony Biosciences in the first quarter valued at approximately $29,000. Brooklyn Investment Group boosted its stake in shares of Harmony Biosciences by 1,031.9% during the 1st quarter. Brooklyn Investment Group now owns 1,064 shares of the company's stock worth $35,000 after acquiring an additional 970 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of Harmony Biosciences by 4,185.2% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,157 shares of the company's stock worth $37,000 after acquiring an additional 1,130 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Harmony Biosciences during the 4th quarter worth approximately $41,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Harmony Biosciences in the 1st quarter valued at $57,000. 86.23% of the stock is currently owned by institutional investors.

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.

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