Harmony Biosciences (NASDAQ:HRMY) Trading Up 3.6% – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) rose 3.6% during mid-day trading on Tuesday . The stock traded as high as $34.32 and last traded at $34.24. Approximately 16,841 shares changed hands during trading, a decline of 96% from the average daily volume of 474,660 shares. The stock had previously closed at $33.06.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HRMY. Oppenheimer reaffirmed an “outperform” rating and issued a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Raymond James reissued an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. Cantor Fitzgerald upped their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. UBS Group started coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research note on Tuesday, October 29th. Two analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Harmony Biosciences has an average rating of “Moderate Buy” and an average price target of $49.80.

Harmony Biosciences Stock Down 0.4 %

The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $34.27 and a 200-day moving average price of $34.07. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 0.60 and a beta of 0.79.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. During the same period last year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.36 EPS for the current year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 30.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Harmony Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. lifted its stake in shares of Harmony Biosciences by 6.1% during the third quarter. Franklin Resources Inc. now owns 29,773 shares of the company’s stock valued at $1,191,000 after buying an additional 1,720 shares during the period. Barclays PLC raised its holdings in Harmony Biosciences by 110.9% in the 3rd quarter. Barclays PLC now owns 76,862 shares of the company’s stock valued at $3,074,000 after acquiring an additional 40,416 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Harmony Biosciences during the 3rd quarter worth $280,000. XTX Topco Ltd acquired a new stake in shares of Harmony Biosciences during the third quarter worth $451,000. Finally, HighTower Advisors LLC grew its position in shares of Harmony Biosciences by 364.0% in the third quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock valued at $3,199,000 after purchasing an additional 62,729 shares during the period. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

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.