Harmony Biosciences (NASDAQ:HRMY) Shares Down 3.2% – What’s Next?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) dropped 3.2% on Monday . The company traded as low as $34.65 and last traded at $34.16. Approximately 119,415 shares changed hands during trading, a decline of 77% from the average daily volume of 525,468 shares. The stock had previously closed at $35.28.

Analyst Ratings Changes

A number of brokerages have issued reports on HRMY. Mizuho upped their target price on Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, March 18th. HC Wainwright reduced their price objective on shares of Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 target price for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Harmony Biosciences in a research note on Tuesday, February 25th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Harmony Biosciences has an average rating of “Buy” and an average target price of $53.33.

Harmony Biosciences Stock Performance

The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of 0.47 and a beta of 0.82. The stock has a 50 day simple moving average of $36.42 and a 200 day simple moving average of $35.58. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. The firm’s revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. As a group, analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Transactions at Harmony Biosciences

In related news, CEO Jeffrey M. Dayno sold 19,293 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey Dierks sold 1,629 shares of Harmony Biosciences stock in a transaction on Monday, January 27th. The shares were sold at an average price of $38.02, for a total value of $61,934.58. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,452 shares of company stock worth $2,831,679. Insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HRMY. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 436 shares during the period. Mendota Financial Group LLC raised its position in shares of Harmony Biosciences by 24,125.0% during the 4th quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock worth $33,000 after buying an additional 965 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Harmony Biosciences in the 4th quarter worth approximately $41,000. KBC Group NV boosted its holdings in shares of 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 acquiring an additional 819 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in Harmony Biosciences during the third quarter worth approximately $74,000. 86.23% of the stock is owned by institutional investors and hedge funds.

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.