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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares dropped 3.2% during mid-day trading 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 Upgrades and Downgrades

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

Harmony Biosciences Stock Down 2.5 %

The company has a market capitalization of $1.91 billion, a PE ratio of 15.80, a P/E/G ratio of 0.47 and a beta of 0.82. 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’s 50-day moving average is $36.31 and its 200 day moving average is $35.55.

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

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, CFO Sandip Kapadia sold 25,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Dierks sold 10,507 shares of Harmony Biosciences stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The disclosure for this sale can be found here. In the last ninety days, 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its holdings in Harmony Biosciences by 9.8% during the 3rd quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock valued at $7,114,000 after purchasing an additional 15,859 shares during the last quarter. HighTower Advisors LLC grew its stake in Harmony Biosciences by 364.0% in the third 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 in the last quarter. JPMorgan Chase & Co. increased its holdings in Harmony Biosciences by 68.4% during the 3rd 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. Barclays PLC increased its stake in shares of Harmony Biosciences by 110.9% during the third quarter. Barclays PLC now owns 76,862 shares of the company’s stock valued at $3,074,000 after buying an additional 40,416 shares during the period. Finally, Amundi grew its holdings in Harmony Biosciences by 243.3% during the 4th quarter. Amundi now owns 18,402 shares of the company’s stock worth $635,000 after acquiring an additional 13,041 shares in the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

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.