Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up – Should You Buy?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $35.75, but opened at $37.58. Harmony Biosciences shares last traded at $38.28, with a volume of 157,294 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on HRMY. Raymond James reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. UBS Group started coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price target for the company. Mizuho increased their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $52.00 price objective on shares of Harmony Biosciences in a research note on Tuesday. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.38.

Harmony Biosciences Price Performance

The stock has a 50 day moving average of $36.38 and a 200-day moving average of $33.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13. The company has a market cap of $2.24 billion, a PE ratio of 19.63, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.24. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. The firm had revenue of $172.80 million during the quarter, compared to the consensus estimate of $172.53 million. During the same quarter in the previous year, the company posted $0.56 earnings per share. The company’s revenue was up 28.8% compared to the same quarter last year. Equities analysts predict that Harmony Biosciences Holdings, Inc. will post 2.23 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. boosted its holdings in Harmony Biosciences by 0.6% in the second quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company’s stock valued at $75,715,000 after purchasing an additional 14,695 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Harmony Biosciences by 13.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock valued at $28,871,000 after buying an additional 112,197 shares during the period. American Century Companies Inc. boosted its stake in shares of Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock worth $20,562,000 after buying an additional 238,140 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Harmony Biosciences by 56.7% during the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after acquiring an additional 215,700 shares during the period. Finally, LSV Asset Management raised its position in Harmony Biosciences by 72.5% during the second quarter. LSV Asset Management now owns 578,246 shares of the company’s stock valued at $17,446,000 after acquiring an additional 243,100 shares in the last quarter. 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.