Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up to $29.25

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $29.25, but opened at $31.65. Harmony Biosciences shares last traded at $33.42, with a volume of 677,286 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Bank of America reaffirmed an "underperform" rating and issued a $30.00 target price on shares of Harmony Biosciences in a research report on Tuesday, January 2nd. Mizuho reduced their price objective on Harmony Biosciences from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, February 27th. The Goldman Sachs Group increased their target price on shares of Harmony Biosciences from $25.00 to $28.00 and gave the stock a "sell" rating in a research report on Tuesday, January 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price target on shares of Harmony Biosciences in a research report on Tuesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $49.00 price objective on shares of Harmony Biosciences in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.63.

Harmony Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.72 and a current ratio of 2.75. The stock has a fifty day simple moving average of $31.24 and a two-hundred day simple moving average of $30.01. The stock has a market cap of $1.76 billion, a PE ratio of 14.58, a PEG ratio of 0.41 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Thursday, February 22nd. The company reported $0.45 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.29). Harmony Biosciences had a return on equity of 27.49% and a net margin of 22.16%. The firm had revenue of $168.40 million for the quarter, compared to analyst estimates of $168.90 million. During the same period in the previous year, the firm posted $1.01 earnings per share. The company's revenue for the quarter was up 31.3% on a year-over-year basis. Equities analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3 EPS for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 11,979 shares of the firm's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $32.00, for a total transaction of $383,328.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 30.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its holdings in Harmony Biosciences by 534,795.2% in the fourth quarter. Pacer Advisors Inc. now owns 1,224,910 shares of the company's stock valued at $39,565,000 after buying an additional 1,224,681 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Harmony Biosciences by 2,132.8% in the 4th quarter. Federated Hermes Inc. now owns 525,337 shares of the company's stock worth $16,968,000 after acquiring an additional 501,809 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Harmony Biosciences by 18.3% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,420,000 shares of the company's stock valued at $46,533,000 after acquiring an additional 220,000 shares during the last quarter. HealthInvest Partners AB acquired a new stake in shares of Harmony Biosciences during the 4th quarter valued at approximately $4,684,000. Finally, Vanguard Group Inc. lifted its stake in Harmony Biosciences by 2.5% during the third quarter. Vanguard Group Inc. now owns 3,684,152 shares of the company's stock worth $120,730,000 after purchasing an additional 88,295 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

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.