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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s stock price 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 traded.

Analyst Ratings Changes

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

Harmony Biosciences Price Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 2.75 and a quick ratio of 2.72. The company’s 50 day moving average is $31.28 and its 200 day moving average is $29.94. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 0.41 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.29). Harmony Biosciences had a net margin of 22.16% and a return on equity of 27.49%. The company had revenue of $168.40 million during the quarter, compared to analyst estimates of $168.90 million. During the same quarter last year, the business earned $1.01 EPS. The firm’s revenue for the quarter was up 31.3% on a year-over-year basis. Research analysts forecast that Harmony Biosciences Holdings, Inc. will post 3 earnings per share for the current fiscal year.

Insider Activity at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 11,979 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $32.00, for a total value of $383,328.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC raised its position in Harmony Biosciences by 98,700.0% during the fourth quarter. TFO Wealth Partners LLC now owns 988 shares of the company’s stock worth $32,000 after acquiring an additional 987 shares during the last quarter. Quadrant Capital Group LLC raised its position in Harmony Biosciences by 47.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock worth $33,000 after acquiring an additional 329 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in Harmony Biosciences by 95.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,533 shares of the company’s stock worth $50,000 after acquiring an additional 748 shares during the last quarter. Oakworth Capital Inc. acquired a new position in Harmony Biosciences during the third quarter worth about $150,000. Finally, ELCO Management Co. LLC acquired a new position in shares of Harmony Biosciences in the third quarter valued at approximately $210,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.