Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down – Should You Sell?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $34.90, but opened at $32.94. Harmony Biosciences shares last traded at $32.7070, with a volume of 280,585 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on HRMY. Weiss Ratings raised Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft boosted their price target on Harmony Biosciences from $30.00 to $36.00 and gave the stock a “hold” rating in a report on Tuesday, June 30th. Zacks Research upgraded Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Truist Financial raised their price objective on Harmony Biosciences from $25.00 to $29.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.50.

Harmony Biosciences Stock Performance

The company has a current ratio of 3.58, a quick ratio of 3.56 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.95 billion, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 0.32 and a beta of 0.94. The company has a 50-day moving average of $33.46 and a 200-day moving average of $32.71.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Thursday, May 7th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.21). Harmony Biosciences had a net margin of 16.20% and a return on equity of 17.19%. The firm had revenue of $215.39 million during the quarter, compared to analyst estimates of $220.84 million. During the same quarter in the previous year, the firm earned $0.78 EPS. Harmony Biosciences’s quarterly revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. lifted its position in Harmony Biosciences by 0.6% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 47,085 shares of the company’s stock valued at $1,762,000 after acquiring an additional 298 shares in the last quarter. Nebula Research & Development LLC boosted its position in Harmony Biosciences by 2.0% in the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock worth $550,000 after purchasing an additional 348 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Harmony Biosciences by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock worth $717,000 after buying an additional 532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Harmony Biosciences by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company’s stock valued at $105,000 after acquiring an additional 575 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after purchasing an additional 602 shares during the period. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

About Harmony Biosciences

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.