Harmony Biosciences (NASDAQ:HRMY) Trading Down 8.2% – Here’s Why

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares dropped 8.2% on Wednesday . The stock traded as low as $34.79 and last traded at $33.96. Approximately 225,330 shares were traded during trading, a decline of 62% from the average daily volume of 596,985 shares. The stock had previously closed at $36.97.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Cantor Fitzgerald increased their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target for the company. Mizuho decreased their price objective on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of Harmony Biosciences in a research report on Wednesday, February 19th. Finally, Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Harmony Biosciences in a research note on Tuesday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Harmony Biosciences currently has an average rating of “Buy” and a consensus target price of $53.67.

Harmony Biosciences Trading Down 9.2 %

The company has a fifty day simple moving average of $36.66 and a two-hundred day simple moving average of $35.83. The company has a market cap of $1.92 billion, a PE ratio of 15.92, a P/E/G ratio of 0.47 and a beta of 0.80. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.11. The company had revenue of $201.30 million for the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company’s revenue was up 19.5% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. Analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current year.

Insider Buying and Selling

In related news, insider Jeffrey Dierks sold 1,123 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total transaction of $44,920.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sandip Kapadia sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 72,452 shares of company stock valued at $2,831,679. Company insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Harmony Biosciences by 92.6% during the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after acquiring an additional 436 shares during the last quarter. Mendota Financial Group LLC grew its position in 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 in the last quarter. GF Fund Management CO. LTD. bought a new stake in Harmony Biosciences during the fourth quarter worth $41,000. KBC Group NV raised 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 valued at $63,000 after buying an additional 819 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Harmony Biosciences during the 3rd quarter worth about $74,000. Institutional investors own 86.23% of the company’s stock.

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.