Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up - Still a Buy?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $35.75, but opened at $37.58. Harmony Biosciences shares last traded at $38.28, with a volume of 157,294 shares changing hands.

Wall Street Analysts Forecast Growth

HRMY has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $52.00 target price on shares of Harmony Biosciences in a report on Tuesday. Raymond James reaffirmed an "outperform" rating and issued a $40.00 target price on shares of Harmony Biosciences in a report on Thursday, October 10th. Mizuho increased their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, October 10th. Finally, UBS Group initiated coverage on shares of Harmony Biosciences in a report on Tuesday, September 10th. They issued a "buy" rating and a $56.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.38.

Harmony Biosciences Stock Performance

The company has a current ratio of 3.13, a quick ratio of 3.09 and a debt-to-equity ratio of 0.32. The stock's 50 day moving average price is $36.38 and its two-hundred day moving average price is $33.02. The firm has a market capitalization of $2.36 billion, a PE ratio of 20.58, a PEG ratio of 0.69 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.24. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The business had revenue of $172.80 million during the quarter, compared to analysts' expectations of $172.53 million. During the same period last year, the company posted $0.56 EPS. The company's revenue was up 28.8% on a year-over-year basis. On average, equities analysts expect that Harmony Biosciences Holdings, Inc. will post 2.23 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

A number of hedge funds have recently bought and sold shares of the company. nVerses Capital LLC acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at $36,000. CWM LLC boosted its holdings in shares of Harmony Biosciences by 111.7% in the 3rd quarter. CWM LLC now owns 1,469 shares of the company's stock valued at $59,000 after purchasing an additional 775 shares during the last quarter. Quarry LP acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at $62,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Harmony Biosciences by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $80,000 after purchasing an additional 360 shares during the last quarter. Finally, Headlands Technologies LLC boosted its holdings in shares of Harmony Biosciences by 1,608.1% in the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company's stock valued at $77,000 after purchasing an additional 2,396 shares during the last quarter. Institutional investors and hedge funds 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.