Harmony Biosciences (NASDAQ:HRMY) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

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

Harmony Biosciences Price Performance

Harmony Biosciences stock traded down $1.67 during mid-day trading on Thursday, hitting $32.13. 4,994,877 shares of the company traded hands, compared to its average volume of 444,614. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.13. Harmony Biosciences has a one year low of $22.00 and a one year high of $41.61. The stock has a fifty day moving average price of $36.44 and a 200-day moving average price of $33.11.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday. UBS Group assumed coverage on shares of Harmony Biosciences in a research note on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective for the company. Mizuho boosted 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. Raymond James reaffirmed an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set 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 seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Insider Transactions at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 30.80% 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.