Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares gapped up prior to trading 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 traded.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on HRMY shares. Raymond James reissued an “outperform” rating and set a $40.00 price target on shares of Harmony Biosciences in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a research note on Monday. Mizuho increased their price target on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Oppenheimer reiterated an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald increased their target price on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $55.00.

Harmony Biosciences Stock Down 0.1 %

The firm’s 50-day simple moving average is $34.21 and its 200 day simple moving average is $34.74. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The stock has a market capitalization of $2.08 billion, a P/E ratio of 17.26, a PEG ratio of 0.60 and a beta of 0.78.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. During the same quarter in the previous year, the business earned $0.63 earnings per share. Harmony Biosciences’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.36 EPS for the current year.

Insider Activity

In related news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 30.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HRMY. Hennion & Walsh Asset Management Inc. lifted its stake in Harmony Biosciences by 38.3% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 75,072 shares of the company’s stock valued at $2,583,000 after purchasing an additional 20,798 shares during the last quarter. Mendota Financial Group LLC raised its stake in Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock valued at $33,000 after buying an additional 965 shares during the period. CWA Asset Management Group LLC lifted its position in shares of Harmony Biosciences by 27.0% in the fourth quarter. CWA Asset Management Group LLC now owns 18,279 shares of the company’s stock valued at $629,000 after buying an additional 3,883 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Harmony Biosciences by 92.6% during the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after acquiring an additional 436 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Harmony Biosciences by 68.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock valued at $9,217,000 after acquiring an additional 93,622 shares during the period. 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.