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

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

Harmony Biosciences Stock Performance

NASDAQ:HRMY traded down $6.60 during mid-day trading on Wednesday, hitting $34.89. 805,015 shares of the company traded hands, compared to its average volume of 413,029. The stock’s fifty day moving average price is $36.50 and its 200-day moving average price is $33.10. 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. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73.

Analysts Set New Price Targets

HRMY has been the topic of several recent analyst reports. Mizuho increased their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Tuesday. Raymond James reiterated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 10th. Finally, 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 target price on the stock. Two investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Harmony Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $44.38.

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.