Harmony Biosciences (NASDAQ:HRMY) Shares Down 4.5% – Here’s Why

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares were down 4.5% on Thursday . The company traded as low as $36.96 and last traded at $36.94. Approximately 113,220 shares traded hands during trading, a decline of 78% from the average daily volume of 520,246 shares. The stock had previously closed at $38.66.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on HRMY. Oppenheimer reissued an “outperform” rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Mizuho raised their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Raymond James reiterated an “outperform” rating and set a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of Harmony Biosciences in a research report on Thursday, January 16th. Finally, Cantor Fitzgerald boosted their price target on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $55.00.

Harmony Biosciences Trading Down 2.7 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 0.53 and a beta of 0.78. The business has a fifty day moving average price of $34.66 and a 200 day moving average price of $35.05.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.15. The company had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business posted $0.63 EPS. As a group, equities analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current year.

Insider Activity at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 10,507 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 33,126 shares of company stock worth $1,303,727. Corporate insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRMY. GAMMA Investing LLC increased its stake in shares of Harmony Biosciences by 92.6% in the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after buying an additional 436 shares during the last quarter. Mendota Financial Group LLC increased its position in shares of Harmony Biosciences by 24,125.0% in the 4th quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock worth $33,000 after purchasing an additional 965 shares during the last quarter. CWM LLC raised its stake in shares of Harmony Biosciences by 111.7% in the 3rd quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after purchasing an additional 775 shares in the last quarter. Quarry LP bought a new position in shares of Harmony Biosciences during the second quarter worth about $62,000. Finally, KBC Group NV grew its stake in Harmony Biosciences by 79.9% in the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after purchasing an additional 819 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

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.