Harmony Biosciences (NASDAQ:HRMY) Shares Gap Up to $37.46

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $37.46, but opened at $39.15. Harmony Biosciences shares last traded at $38.91, with a volume of 2,024 shares traded.

Several research firms have weighed in on HRMY. Needham & Company LLC began coverage on shares of Harmony Biosciences in a research note on Wednesday. They issued a “buy” rating and a $57.00 price target for the company. Zacks Investment Research raised shares of Harmony Biosciences from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Wednesday, August 11th.

The stock has a market capitalization of $2.15 billion and a P/E ratio of 163.65. The firm’s 50 day moving average price is $32.52 and its 200 day moving average price is $30.91. The company has a debt-to-equity ratio of 1.55, a current ratio of 5.59 and a quick ratio of 5.46.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings results on Monday, August 9th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.06. Harmony Biosciences had a net margin of 9.86% and a return on equity of 66.92%. The company had revenue of $73.82 million for the quarter, compared to analysts’ expectations of $70.85 million. On average, equities research analysts forecast that Harmony Biosciences Holdings, Inc. will post 1.04 earnings per share for the current year.

In other Harmony Biosciences news, insider Jeffrey M. Dayno sold 9,950 shares of the company’s stock in a transaction dated Tuesday, August 10th. The shares were sold at an average price of $30.21, for a total value of $300,589.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jeffrey Dierks sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 7th. The stock was sold at an average price of $37.00, for a total transaction of $185,000.00. Following the completion of the sale, the insider now owns 10,000 shares in the company, valued at approximately $370,000. The disclosure for this sale can be found here. Insiders have sold 42,159 shares of company stock worth $1,460,926 in the last quarter. 28.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nan Fung Group Holdings Ltd bought a new position in shares of Harmony Biosciences in the second quarter worth approximately $21,701,000. Morgan Stanley lifted its stake in shares of Harmony Biosciences by 101.7% in the second quarter. Morgan Stanley now owns 128,756 shares of the company’s stock worth $3,634,000 after buying an additional 64,929 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Harmony Biosciences by 41.4% in the second quarter. Wells Fargo & Company MN now owns 9,761 shares of the company’s stock worth $276,000 after buying an additional 2,857 shares in the last quarter. Perceptive Advisors LLC lifted its stake in shares of Harmony Biosciences by 57.6% in the second quarter. Perceptive Advisors LLC now owns 491,332 shares of the company’s stock worth $13,870,000 after buying an additional 179,659 shares in the last quarter. Finally, Invesco Ltd. bought a new position in shares of Harmony Biosciences in the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 47.65% of the company’s stock.

About Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, develops and commercializes therapies for patients with rare neurological disorders. Its product, WAKIX is a medication for the treatment of excessive daytime sleepiness in adult patients with narcolepsy in the United States.

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