Harmony Biosciences (NASDAQ:HRMY) Sees Strong Trading Volume – Should You Buy?

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) saw unusually-high trading volume on Tuesday . Approximately 1,323,954 shares were traded during trading, an increase of 232% from the previous session’s volume of 399,181 shares.The stock last traded at $34.27 and had previously closed at $34.38.

Wall Street Analyst Weigh In

HRMY has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, October 2nd. UBS Group initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Citigroup initiated coverage on shares of Harmony Biosciences in a research report on Friday, June 21st. They issued a “buy” rating and a $48.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $41.33.

Harmony Biosciences Trading Up 0.2 %

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 0.77 and a beta of 0.73. 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 business’s 50 day simple moving average is $36.09 and its 200 day simple moving average is $32.71.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.24. The firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $172.53 million. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.56 earnings per share. On average, research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.19 EPS for the current fiscal year.

Institutional Trading of Harmony Biosciences

Large investors have recently added to or reduced their stakes in the company. LSV Asset Management boosted its holdings in shares of Harmony Biosciences by 346.5% during the 1st quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after buying an additional 260,093 shares during the period. American Century Companies Inc. lifted its holdings in Harmony Biosciences by 53.7% during the 2nd quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock worth $20,562,000 after purchasing an additional 238,140 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Harmony Biosciences by 56.7% in the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after buying an additional 215,700 shares in the last quarter. Capital Management Corp VA acquired a new stake in shares of Harmony Biosciences during the first quarter worth $7,018,000. Finally, Marshall Wace LLP increased 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 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.