Harmony Biosciences (NASDAQ:HRMY) Trading Down 3.1% – Here’s What Happened

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) were down 3.1% during trading on Friday . The company traded as low as $34.40 and last traded at $34.65. Approximately 55,783 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 475,282 shares. The stock had previously closed at $35.75.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on HRMY shares. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Oppenheimer reissued an “outperform” rating and issued a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Mizuho lifted their price target on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Cantor Fitzgerald increased their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Raymond James reissued an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Stock Performance

The business has a 50 day moving average price of $35.16 and a two-hundred day moving average price of $33.72. 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 company has a market cap of $1.98 billion, a P/E ratio of 16.43, a price-to-earnings-growth ratio of 0.66 and a beta of 0.77.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. During the same period last year, the firm earned $0.63 earnings per share. Harmony Biosciences’s quarterly revenue was up 16.0% on a year-over-year basis. On average, sell-side analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC grew its holdings in Harmony Biosciences by 98.3% in the first quarter. Lazard Asset Management LLC now owns 4,542 shares of the company’s stock worth $152,000 after purchasing an additional 2,251 shares during the period. Price T Rowe Associates Inc. MD increased its position in Harmony Biosciences by 9.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,219 shares of the company’s stock valued at $478,000 after buying an additional 1,201 shares in the last quarter. Janus Henderson Group PLC raised its stake in Harmony Biosciences by 1,011.7% during the first quarter. Janus Henderson Group PLC now owns 185,083 shares of the company’s stock valued at $6,214,000 after buying an additional 168,434 shares during the last quarter. SG Americas Securities LLC bought a new stake in Harmony Biosciences in the second quarter worth $138,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Harmony Biosciences by 214.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 44,945 shares of the company’s stock worth $1,356,000 after acquiring an additional 30,638 shares in the last quarter. 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.