Harmony Biosciences (NASDAQ:HRMY) Announces Earnings Results, Beats Expectations By $0.15 EPS

Harmony Biosciences (NASDAQ:HRMY) issued its quarterly earnings data on Tuesday. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.15, Briefing.com reports. The firm had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.63 EPS. Harmony Biosciences updated its FY 2024 guidance to EPS.

Harmony Biosciences Stock Down 2.7 %

Shares of NASDAQ:HRMY traded down $0.90 on Thursday, reaching $32.90. The company had a trading volume of 2,367,816 shares, compared to its average volume of 432,163. The firm has a market capitalization of $1.87 billion, a PE ratio of 16.46, a PEG ratio of 0.69 and a beta of 0.73. The company has a current ratio of 3.13, a quick ratio of 3.09 and a debt-to-equity ratio of 0.32. Harmony Biosciences has a 52-week low of $22.00 and a 52-week high of $41.61. The firm’s 50 day simple moving average is $36.44 and its 200-day simple moving average is $33.11.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on HRMY shares. Cantor Fitzgerald upped their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday. Oppenheimer reiterated an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday. UBS Group assumed coverage on Harmony Biosciences in a report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 target price for the company. Mizuho increased their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Finally, Raymond James reiterated an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Harmony Biosciences Company Profile

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.