Harmony Biosciences (NASDAQ:HRMY) Posts Quarterly Earnings Results

Harmony Biosciences (NASDAQ:HRMY) posted its earnings results on Tuesday. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15, Briefing.com reports. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. The firm had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. During the same quarter in the prior year, the business posted $0.63 earnings per share. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Harmony Biosciences updated its FY 2024 guidance to EPS.

Harmony Biosciences Price Performance

HRMY stock traded down $6.03 during trading on Wednesday, reaching $35.46. The company’s stock had a trading volume of 970,417 shares, compared to its average volume of 413,817. Harmony Biosciences has a 1 year low of $22.00 and a 1 year high of $41.61. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.02 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73. The company’s fifty day moving average is $36.50 and its 200-day moving average is $33.10.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research note on Tuesday. UBS Group assumed coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target on the stock. Mizuho boosted their price target on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday. Finally, Raymond James reaffirmed an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

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.