Strength Seen in Harmony Biosciences Holdings, Inc. (HRMY): Can Its 5.1% Jump Turn into More Strength?
Harmony Biosciences Holdings, Inc. (HRMY) shares ended the last trading session 5.1% higher at $47.31. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25% loss over the past four weeks.
Last week, the company named Jeffrey Dayno as its interim chief executive officer or CEO with immediate effect after John Jacobs, the current CEO decided to stepped down from his role. This might have been driving the share price rally.
This company is expected to post quarterly earnings of $0.54 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $127.73 million, up 40% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Harmony Biosciences Holdings, Inc., 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 #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Harmony Biosciences Holdings, Inc. is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Exelixis (EXEL), finished the last trading session 1.9% higher at $17.17. EXEL has returned 4.8% over the past month.
For Exelixis , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. This represents a change of -117.2% from what the company reported a year ago. Exelixis currently has a Zacks Rank of #4 (Sell).
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