Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up – Time to Buy?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) 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 changing hands.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Raymond James reiterated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho raised their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research report on Monday. Finally, HC Wainwright began coverage on shares of Harmony Biosciences in a research note on Tuesday, December 17th. They set a “buy” rating and a $75.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $55.00.

Harmony Biosciences Price Performance

The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 0.60 and a beta of 0.78. The company has a 50 day moving average of $34.08 and a 200 day moving average of $34.66.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. During the same period last year, the company posted $0.63 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Equities research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HRMY. American Century Companies Inc. increased its holdings in Harmony Biosciences by 53.7% in the 2nd quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after buying an additional 238,140 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Harmony Biosciences by 56.7% in the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after purchasing an additional 215,700 shares in the last quarter. Marshall Wace LLP lifted its stake in Harmony Biosciences by 145.4% in the 2nd quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after purchasing an additional 181,092 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Harmony Biosciences by 27.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock valued at $26,416,000 after buying an additional 140,690 shares in the last quarter. Finally, HealthInvest Partners AB grew its stake in shares of Harmony Biosciences by 335.2% during the third quarter. HealthInvest Partners AB now owns 151,875 shares of the company’s stock worth $6,075,000 after buying an additional 116,975 shares during 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.