Harmony Biosciences (NASDAQ:HRMY) Announces Quarterly Earnings Results

Harmony Biosciences (NASDAQ:HRMYGet Rating) released its quarterly earnings results on Tuesday. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.05), Fidelity Earnings reports. Harmony Biosciences had a return on equity of 60.12% and a net margin of 15.95%. During the same quarter in the previous year, the business earned $0.54 earnings per share.

Harmony Biosciences Stock Performance

NASDAQ HRMY traded up $0.04 on Thursday, reaching $52.36. 401,455 shares of the company’s stock traded hands, compared to its average volume of 485,374. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 55.12 and a beta of 0.33. The stock has a 50 day moving average price of $49.37 and a 200-day moving average price of $44.94. Harmony Biosciences has a fifty-two week low of $26.06 and a fifty-two week high of $57.13. The company has a debt-to-equity ratio of 0.77, a quick ratio of 4.88 and a current ratio of 4.91.

Insider Activity at Harmony Biosciences

In related news, Director Jack Nielsen sold 180,838 shares of the business’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $56.01, for a total transaction of $10,128,736.38. Following the completion of the transaction, the director now directly owns 3,432,006 shares in the company, valued at $192,226,656.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jack Nielsen sold 180,838 shares of the business’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $56.01, for a total transaction of $10,128,736.38. Following the completion of the transaction, the director now directly owns 3,432,006 shares in the company, valued at $192,226,656.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John C. Jacobs sold 15,000 shares of Harmony Biosciences stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $45.42, for a total transaction of $681,300.00. The disclosure for this sale can be found here. Insiders sold 489,667 shares of company stock worth $26,332,662 over the last three months. Company insiders own 34.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Harmony Biosciences by 2.5% in the first quarter. BlackRock Inc. now owns 3,832,919 shares of the company’s stock valued at $186,470,000 after buying an additional 93,153 shares in the last quarter. Vanguard Group Inc. increased its holdings in Harmony Biosciences by 1.6% in the first quarter. Vanguard Group Inc. now owns 2,702,513 shares of the company’s stock valued at $131,478,000 after buying an additional 43,428 shares in the last quarter. State Street Corp increased its holdings in Harmony Biosciences by 6.8% in the first quarter. State Street Corp now owns 828,181 shares of the company’s stock valued at $40,291,000 after buying an additional 52,498 shares in the last quarter. Polar Capital Holdings Plc purchased a new stake in shares of Harmony Biosciences during the first quarter worth about $26,758,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Harmony Biosciences by 77.4% during the first quarter. Dimensional Fund Advisors LP now owns 346,052 shares of the company’s stock worth $16,837,000 after purchasing an additional 150,931 shares in the last quarter. Hedge funds and other institutional investors own 75.62% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Jefferies Financial Group lowered shares of Harmony Biosciences from a “buy” rating to a “hold” rating and set a $57.00 price target on the stock. in a report on Wednesday. Raymond James lifted their price target on shares of Harmony Biosciences from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Cantor Fitzgerald began coverage on shares of Harmony Biosciences in a research note on Thursday, April 14th. They set an “overweight” rating and a $63.00 price objective for the company. The Goldman Sachs Group downgraded shares of Harmony Biosciences from a “buy” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Tuesday, July 12th. Finally, Oppenheimer lifted their price objective on shares of Harmony Biosciences from $62.00 to $67.00 and gave the stock an “outperform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $59.86.

About Harmony Biosciences

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Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, develops and commercializes therapies for patients with rare neurological disorders in the United States. Its product, WAKIX is a medication for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.

Further Reading

Earnings History for Harmony Biosciences (NASDAQ:HRMY)

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