Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down Following Weak Earnings

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $32.78, but opened at $28.95. Harmony Biosciences shares last traded at $30.5760, with a volume of 416,439 shares traded.

The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.21). Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The business had revenue of $215.39 million during the quarter, compared to the consensus estimate of $220.84 million. During the same period last year, the business posted $0.78 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis.

Analysts Set New Price Targets

Several analysts have recently commented on the company. UBS Group reduced their target price on Harmony Biosciences from $46.00 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, February 25th. Zacks Research upgraded Harmony Biosciences from a “strong sell” rating to a “hold” rating in a research note on Friday, May 1st. Needham & Company LLC reduced their target price on Harmony Biosciences from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Bank of America reduced their target price on Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating for the company in a research note on Wednesday, February 25th. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Harmony Biosciences currently has a consensus rating of “Hold” and a consensus price target of $42.67.

Hedge Funds Weigh In On Harmony Biosciences

A number of hedge funds have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. boosted its stake in Harmony Biosciences by 0.6% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 47,085 shares of the company’s stock valued at $1,762,000 after purchasing an additional 298 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Harmony Biosciences by 1.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 28,639 shares of the company’s stock worth $789,000 after buying an additional 348 shares in the last quarter. Nebula Research & Development LLC lifted its position in shares of Harmony Biosciences by 2.0% during the 2nd quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock worth $550,000 after buying an additional 348 shares in the last quarter. Amalgamated Bank lifted its position in shares of Harmony Biosciences by 3.8% during the 3rd quarter. Amalgamated Bank now owns 11,328 shares of the company’s stock worth $312,000 after buying an additional 417 shares in the last quarter. Finally, Profund Advisors LLC lifted its position in shares of Harmony Biosciences by 5.1% during the 3rd quarter. Profund Advisors LLC now owns 10,803 shares of the company’s stock worth $298,000 after buying an additional 520 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Stock Performance

The company’s 50-day simple moving average is $28.94 and its 200 day simple moving average is $33.00. The company has a current ratio of 3.60, a quick ratio of 3.58 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.77 billion, a P/E ratio of 11.17, a PEG ratio of 0.44 and a beta of 0.97.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.