Harmony Biosciences (NASDAQ:HRMY) Announces Earnings Results

Harmony Biosciences (NASDAQ:HRMY) announced its quarterly earnings results on Tuesday. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07, Yahoo Finance reports. The company had revenue of $154.62 million for the quarter, compared to the consensus estimate of $154.10 million. Harmony Biosciences had a net margin of 22.16% and a return on equity of 27.49%. Harmony Biosciences’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 EPS. Harmony Biosciences updated its FY 2024 guidance to EPS.

Harmony Biosciences Trading Down 1.3 %

Shares of HRMY stock traded down $0.40 during trading hours on Wednesday, reaching $30.51. 255,968 shares of the stock were exchanged, compared to its average volume of 390,125. Harmony Biosciences has a 12-month low of $18.61 and a 12-month high of $39.26. The company has a current ratio of 2.75, a quick ratio of 2.72 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $31.24 and its 200-day moving average price is $30.01. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 0.41 and a beta of 0.73.

Insider Buying and Selling

In other Harmony Biosciences news, insider Jeffrey Dierks sold 11,979 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 30.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.