Harmony Biosciences (NASDAQ:HRMY) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Harmony Biosciences (NASDAQ:HRMY) issued its quarterly earnings results on Tuesday. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11, Zacks reports. The business had revenue of $201.30 million for the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share.

Harmony Biosciences Stock Down 0.1 %

Harmony Biosciences stock traded down $0.02 during mid-day trading on Thursday, hitting $33.45. 133,427 shares of the company’s stock were exchanged, compared to its average volume of 614,245. The stock has a 50 day moving average of $36.66 and a two-hundred day moving average of $35.81. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. Harmony Biosciences has a 1-year low of $28.14 and a 1-year high of $41.61. The stock has a market cap of $1.91 billion, a P/E ratio of 15.79, a P/E/G ratio of 0.47 and a beta of 0.80.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on HRMY shares. HC Wainwright lowered their target price on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Harmony Biosciences in a research report on Tuesday. Mizuho cut their target price on shares of Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Oppenheimer reaffirmed an “outperform” rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald lifted their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Buy” and a consensus price target of $53.11.

Insider Activity

In other news, insider Jeffrey Dierks sold 1,629 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $38.02, for a total value of $61,934.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sandip Kapadia sold 1,775 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $38.05, for a total value of $67,538.75. The disclosure for this sale can be found here. Insiders have sold a total of 72,452 shares of company stock valued at $2,831,679 over the last 90 days. 30.80% of the stock is currently owned by company insiders.

About Harmony Biosciences

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.