Harmony Biosciences (NASDAQ:HRMY) Shares Up 3.6% - Here's Why

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) shares shot up 3.6% during mid-day trading on Tuesday . The company traded as high as $34.32 and last traded at $34.24. 16,841 shares were traded during mid-day trading, a decline of 96% from the average session volume of 474,660 shares. The stock had previously closed at $33.06.

Analyst Ratings Changes

HRMY has been the subject of several research analyst reports. Oppenheimer restated an "outperform" rating and issued a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Raymond James reissued an "outperform" rating and issued a $40.00 price target on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho boosted their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, October 10th. HC Wainwright assumed coverage on Harmony Biosciences in a research note on Tuesday. They set a "buy" rating and a $75.00 price target on the stock. Finally, Cantor Fitzgerald boosted their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $49.80.

Harmony Biosciences Trading Up 1.7 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The business's 50 day moving average price is $34.29 and its 200-day moving average price is $34.05. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 0.60 and a beta of 0.79.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $186.00 million during the quarter, compared to analysts' expectations of $184.07 million. During the same period in the previous year, the firm posted $0.63 earnings per share. Harmony Biosciences's revenue was up 16.0% on a year-over-year basis. Equities analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.36 EPS for the current fiscal year.

Insider Activity at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the firm's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 30.80% of the stock is owned by corporate insiders.

Institutional Trading of Harmony Biosciences

A number of large investors have recently made changes to their positions in HRMY. Citigroup Inc. lifted its holdings in Harmony Biosciences by 9.8% in the 3rd quarter. Citigroup Inc. now owns 177,843 shares of the company's stock valued at $7,114,000 after purchasing an additional 15,859 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Harmony Biosciences by 364.0% in the third quarter. HighTower Advisors LLC now owns 79,961 shares of the company's stock valued at $3,199,000 after buying an additional 62,729 shares during the last quarter. Quest Partners LLC lifted its stake in shares of Harmony Biosciences by 137.6% during the third quarter. Quest Partners LLC now owns 35,723 shares of the company's stock valued at $1,429,000 after buying an additional 20,689 shares during the period. Marshall Wace LLP boosted its position in Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company's stock worth $9,220,000 after acquiring an additional 181,092 shares during the last quarter. Finally, Rice Hall James & Associates LLC grew its stake in Harmony Biosciences by 42.1% in the 2nd quarter. Rice Hall James & Associates LLC now owns 80,512 shares of the company's stock worth $2,429,000 after acquiring an additional 23,867 shares during the period. Institutional investors and hedge funds own 86.23% of the company's stock.

About Harmony Biosciences

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.