Harmony Biosciences (HRMY) Surges 6.7%: Is This an Indication of Further Gains?
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Harmony Biosciences Holdings, Inc. (HRMY) shares rallied 6.7% in the last trading session to close at $39.79. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.2% gain over the past four weeks.
Last month, the company announced robust financial results for the second quarter of 2024. Harmony’s approved product, Wakix (pitolisant) is driving revenues while the company is making good progress with the studies of its other pipeline candidates. This might have driven the share price rally.
This company is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of -4.8%. Revenues are expected to be $184.97 million, up 15.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Harmony Biosciences, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HRMY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Harmony Biosciences belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, MeiraGTx Holdings PLC (MGTX), closed the last trading session 4% higher at $4.18. Over the past month, MGTX has returned -2.2%.
MeiraGTx's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.47. Compared to the company's year-ago EPS, this represents a change of +36.5%. MeiraGTx currently boasts a Zacks Rank of #3 (Hold).
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