Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $33.86, but opened at $35.42. Harmony Biosciences shares last traded at $34.69, with a volume of 60,272 shares.

Analysts Set New Price Targets

Several equities research analysts recently commented on HRMY shares. Mizuho lifted their target price 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. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. HC Wainwright initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, December 17th. They set a “buy” rating and a $75.00 target price for the company. Raymond James restated an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald boosted their target price on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $55.00.

Harmony Biosciences Stock Up 6.3 %

The stock has a fifty day moving average price of $34.08 and a 200 day moving average price of $34.66. The stock has a market capitalization of $2.05 billion, a P/E ratio of 17.07, a price-to-earnings-growth ratio of 0.60 and a beta of 0.78. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. During the same period in the prior year, the company earned $0.63 EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, research analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.36 earnings per share for the current year.

Insider Activity at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 30.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds have recently bought and sold shares of the business. CWA Asset Management Group LLC increased its position in Harmony Biosciences by 27.0% during the 4th quarter. CWA Asset Management Group LLC now owns 18,279 shares of the company’s stock valued at $629,000 after buying an additional 3,883 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after purchasing an additional 436 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Harmony Biosciences by 68.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock worth $9,217,000 after purchasing an additional 93,622 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Harmony Biosciences by 6.1% in the third quarter. Franklin Resources Inc. now owns 29,773 shares of the company’s stock worth $1,191,000 after buying an additional 1,720 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Harmony Biosciences by 110.9% in the 3rd quarter. Barclays PLC now owns 76,862 shares of the company’s stock worth $3,074,000 after purchasing an additional 40,416 shares in the last quarter. Institutional investors 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.