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

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

Harmony Biosciences Trading Down 15.9 %

NASDAQ:HRMY traded down $6.60 during midday trading on Wednesday, hitting $34.89. The stock had a trading volume of 805,015 shares, compared to its average volume of 413,029. The stock has a 50-day moving average of $36.50 and a 200 day moving average of $33.10. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 0.69 and a beta of 0.73. Harmony Biosciences has a one year low of $22.00 and a one year high of $41.61. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32.

Analysts Set New Price Targets

A number of research analysts have weighed in on HRMY shares. 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 report on Thursday, October 10th. UBS Group initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $52.00 target price on shares of Harmony Biosciences in a research report on Tuesday. Finally, Raymond James reiterated an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.38.

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.