Harmony Biosciences (NASDAQ:HRMY) Stock Price Down 8.2% – What’s Next?

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

Analysts Set New Price Targets

A number of research firms have weighed in on HRMY. Needham & Company LLC reissued a “buy” rating and set a $50.00 target price on shares of Harmony Biosciences in a research report on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on Harmony Biosciences in a report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of Harmony Biosciences in a report on Wednesday, February 19th. Oppenheimer reissued an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald lifted their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $53.67.

Harmony Biosciences Stock Performance

The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 0.47 and a beta of 0.80. The firm’s 50-day moving average is $36.66 and its two-hundred day moving average is $35.83. 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 released its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. The firm had revenue of $201.30 million during the quarter, compared to analyst estimates of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue was up 19.5% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. As a group, sell-side analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current year.

Insider Transactions at Harmony Biosciences

In other news, CEO Jeffrey M. Dayno sold 19,293 shares of Harmony Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total transaction of $774,228.09. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sandip Kapadia sold 1,775 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The disclosure for this sale can be found here. Insiders have sold a total of 72,452 shares of company stock valued at $2,831,679 in the last ninety days. 30.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. grew its holdings in shares of Harmony Biosciences by 9.8% during the third quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock valued at $7,114,000 after buying an additional 15,859 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Harmony Biosciences by 364.0% during the 3rd quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock worth $3,199,000 after purchasing an additional 62,729 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Harmony Biosciences by 137.6% during the 3rd quarter. Quest Partners LLC now owns 35,723 shares of the company’s stock worth $1,429,000 after purchasing an additional 20,689 shares during the period. JPMorgan Chase & Co. lifted its stake in Harmony Biosciences by 68.4% during the third quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock worth $9,217,000 after purchasing an additional 93,622 shares during the period. Finally, CWA Asset Management Group LLC bought a new stake in shares of Harmony Biosciences in the 3rd quarter worth about $576,000. 86.23% of the stock is owned by 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.