Harmony Biosciences (NASDAQ:HRMY) Trading Down 4.5% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Harmony Biosciences Price Performance

The stock has a fifty day moving average of $34.66 and a 200-day moving average of $35.05. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The stock 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.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.15. The business had revenue of $186.00 million during 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 business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. On average, equities research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jeffrey Dierks sold 10,507 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total transaction of $388,864.07. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 33,126 shares of company stock valued at $1,303,727. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its position in 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 acquiring an additional 436 shares in the last quarter. Mendota Financial Group LLC lifted its stake in shares of Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock valued at $33,000 after purchasing an additional 965 shares during the period. CWM LLC boosted its holdings in Harmony Biosciences by 111.7% during the third quarter. CWM LLC now owns 1,469 shares of the company’s stock worth $59,000 after buying an additional 775 shares in the last quarter. KBC Group NV grew its position in Harmony Biosciences by 79.9% during the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after buying an additional 819 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Harmony Biosciences in the third quarter valued at about $74,000. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

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.