HRMY Stock Price Increases Over 20% Intraday: Why It Happened

By Amit Chowdhry ● Aug 10, 2021
  • The stock price of Harmony Biosciences Holdings Inc (NASDAQ: HRMY) increased by over 20% during intraday trading. This is why it happened.

The stock price of Harmony Biosciences Holdings Inc (NASDAQ: HRMY) – a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases – increased by over 20% during intraday trading. Investors are responding positively to the company’s financial results and business updates for the second quarter ended June 30, 2021.

Q2 2021 Financial Highlights:

— Net product revenue of $73.8 million for the quarter ended June 30, 2021, a 94.2% increase versus the prior year quarter revenue of $38.0 million;

— Strong organic growth in WAKIX sales, supported by an increased average number of patients on WAKIX and number of unique healthcare professionals who have prescribed WAKIX since launch;

— Positive net income and achieved profitability for the second quarter in a row; and

— Cash and cash equivalents of $159.7 million.

KEY QUOTES:

“Harmony has made significant progress towards growing the company through our three pillars growth strategy during the first half of 2021. Building on the momentum we saw in the first quarter of this year, we continue to advance the commercialization of WAKIX with strong second-quarter revenues due to both an increase in average number of patients on WAKIX and the number of healthcare professionals prescribing the product.”

With the initiation of our Phase 2 study in patients with Myotonic Dystrophy in the second quarter, we are continuing to advance our clinical development programs, with the goal of broadening the clinical utility of WAKIX beyond narcolepsy. Also, importantly, we took the first step in our plan to build a broad portfolio of products beyond WAKIX, via the acquisition of a potential first-in-class molecule with a novel mechanism of action. In addition, and to further support our expanding clinical programs and business development objectives, we recently consummated a strategic financing collaboration with Blackstone that provides us with additional capital to drive continued long-term growth for Harmony.”

— John Jacobs, President and Chief Executive Officer of Harmony

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.