Harmony Biosciences (NASDAQ:HRMY) Shares Down 5.5% – Time to Sell?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) dropped 5.5% on Wednesday . The stock traded as low as $33.94 and last traded at $34.90. Approximately 782,363 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 615,559 shares. The stock had previously closed at $36.92.

Analyst Ratings Changes

Several research firms recently commented on HRMY. Weiss Ratings reissued a “hold (c)” rating on shares of Harmony Biosciences in a research report on Monday, December 29th. Zacks Research upgraded shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Wall Street Zen raised shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, Mizuho boosted their price objective on shares of Harmony Biosciences from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Harmony Biosciences has an average rating of “Moderate Buy” and a consensus price target of $45.63.

Harmony Biosciences Trading Down 4.6%

The firm has a market cap of $2.03 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 0.33 and a beta of 0.84. The business’s 50 day moving average is $37.44 and its 200-day moving average is $34.33. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18.

Insider Activity

In other news, CFO Sandip Kapadia sold 3,746 shares of the stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $37.15, for a total transaction of $139,163.90. Following the transaction, the chief financial officer owned 24,521 shares of the company’s stock, valued at approximately $910,955.15. This trade represents a 13.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jeffrey M. Dayno sold 25,933 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.11, for a total value of $1,040,172.63. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 50,640 shares of company stock valued at $1,932,256 in the last three months. Insiders own 23.60% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Large investors have recently added to or reduced their stakes in the company. Amundi increased its stake in Harmony Biosciences by 115.6% during the first quarter. Amundi now owns 39,668 shares of the company’s stock valued at $1,229,000 after purchasing an additional 21,266 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Harmony Biosciences by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,651 shares of the company’s stock valued at $752,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Harmony Biosciences during the 1st quarter valued at about $2,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Harmony Biosciences by 53.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 95,389 shares of the company’s stock worth $3,166,000 after acquiring an additional 33,058 shares during the period. Finally, Envestnet Portfolio Solutions Inc. bought a new position in Harmony Biosciences in the second quarter worth about $600,000. 86.23% of the stock is currently owned by institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.