Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down Following Analyst Downgrade

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) gapped down prior to trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $52.00 to $50.00. The stock had previously closed at $39.09, but opened at $36.82. Needham & Company LLC currently has a buy rating on the stock. Harmony Biosciences shares last traded at $35.21, with a volume of 195,284 shares trading hands.

A number of other analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft began coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 target price for the company. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Harmony Biosciences in a report on Monday, January 27th. Finally, Cantor Fitzgerald upped their price target 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. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Buy” and an average price target of $54.78.

Insider Buying and Selling

In related news, CFO Sandip Kapadia sold 1,775 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jeffrey Dierks sold 1,123 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.00, for a total value of $44,920.00. The disclosure for this sale can be found here. Insiders sold a total of 72,452 shares of company stock worth $2,831,679 in the last three months. 30.80% of the stock is owned by corporate insiders.

Institutional Trading of Harmony Biosciences

A number of hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new position in Harmony Biosciences in the 4th quarter valued at approximately $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Harmony Biosciences by 1.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,331 shares of the company’s stock valued at $2,145,000 after acquiring an additional 678 shares during the last quarter. Voloridge Investment Management LLC raised its stake in shares of Harmony Biosciences by 24.4% during the fourth quarter. Voloridge Investment Management LLC now owns 356,072 shares of the company’s stock valued at $12,252,000 after acquiring an additional 69,886 shares during the last quarter. Vident Advisory LLC lifted its holdings in shares of Harmony Biosciences by 17.9% during the fourth quarter. Vident Advisory LLC now owns 16,426 shares of the company’s stock worth $565,000 after purchasing an additional 2,493 shares during the period. Finally, Virtus Investment Advisers Inc. bought a new stake in shares of Harmony Biosciences in the fourth quarter worth $124,000. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Stock Down 5.9 %

The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 0.52 and a beta of 0.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The stock has a fifty day moving average of $36.28 and a two-hundred day moving average of $35.71.

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.