<![CDATA[Penelitian ini bertujuan untuk menganalisis pengaruh Earning Per Share (EPS), Price Earning Ratio (PER) dan Price to Book Value (PBV) terhadap harga saham pada perusahaan sektor farmasi yang terdaftar di Bursa Efek Indonesia Periode 2020-2024. Berbeda dengan penelitian sebelumnya yang umumnya berfokus pada kondisi pasar normal, penelitian ini menawarkan kebaruan melalui analisis perilaku investor pada periode pasca pandemi COVID-19 yang mencerminkan perubahan dinamika pasar modal. Penelitian ini menggunakan pendekatan kuantitatif dengan metode asosiatif-kausal, dengan sampel 10 perusahaan dan 50 observasi yang diperoleh melalui purposive sampling, serta teknik analisis regresi linear berganda menggunakan SPSS. Hasil penelitian menunjukkan bahwa EPS berpengaruh positif dan signifikan, yang mendukung Signaling Theory bahwa profitabilitas merupakan sinyal utama bagi investor dalam pengambilan keputusan investasi. Temuan ini memberikan kontribusi teoritis bahwa dalam kondisi pasar tertentu, profitabilitas lebih dominan dibandingkan rasio valuasi dalam mempengaruhi harga saham, seta memberikan implikasi praktis sgar investor lebih berfokus pada EPS sebagai dasar pengambilan keputusan investasi di sektor farmasi. Secara praktis, EPS dapat dijadikan indikator utama oleh investor dalam menentukan pilihan investasi pada saham farmasi yang stabil dan berpotensi tumbuh. Bagi perusahaan, temuan ini mendorong peningkatan profitabilitas guna menarik investor dan menjaga stabilitas harga saham pasca pandemi. This study aims to analyze the effect of Earning Per Share (EPS), Price Earning Ratio (PER), and Price to Book Value (PBV) on stock prices in pharmaceutical sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Unlike previous studies that generally focus on normal market conditions, this research offers novelty by examining investor behavior in the post-COVID-19 pandemic period, which reflects changes in capital market dynamics. This study employs a quantitative approach with an associative-causal method, using a sample of 10 companies and 50 observations selected through purposive sampling, and applies multiple linear regression analysis using SPSS. The results indicate that EPS has a positive and significant effect, supporting Signaling Theory that profitability serves as a primary signal for investors in making investment decisions. These findings provide a theoretical contribution by demonstrating that, under certain market conditions, profitability is more dominant than valuation ratios in influencing stock prices, and offer practical implications for investors to place greater emphasis on EPS as a basis for investment decision-making in the pharmaceutical sector. Practically, EPS can be used as a key indicator by investors in selecting pharmaceutical stocks that are stable and have strong growth potential. For companies, these findings encourage improving profitability to attract investors and maintain stock price stability in the post-pandemic market environment.]]>
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