Harmony Biosciences (NASDAQ:HRMY) Trading Down 4.6% – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares fell 4.6% on Tuesday . The company traded as low as $28.29 and last traded at $28.17. 168,277 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 567,236 shares. The stock had previously closed at $29.53.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a research note on Tuesday, February 11th. They set a “buy” rating and a $55.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, April 8th. HC Wainwright restated a “buy” rating and set a $70.00 target price on shares of Harmony Biosciences in a research report on Tuesday, April 8th. Finally, Mizuho raised their price objective on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, March 18th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Harmony Biosciences presently has an average rating of “Buy” and a consensus price target of $53.33.

Harmony Biosciences Price Performance

The stock has a market capitalization of $1.63 billion, a PE ratio of 13.50, a P/E/G ratio of 0.47 and a beta of 0.80. 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 fifty day simple moving average is $33.30 and its two-hundred day simple moving average is $34.61.

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

Insider Buying and Selling

In other Harmony Biosciences news, CEO Jeffrey M. Dayno sold 19,293 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,945 shares of company stock worth $2,442,815. 30.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Deep Track Capital LP acquired a new position in shares of Harmony Biosciences during the 4th quarter valued at about $49,894,000. Vanguard Group Inc. grew its holdings in Harmony Biosciences by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock valued at $162,883,000 after purchasing an additional 1,262,362 shares during the period. Marshall Wace LLP raised its stake in Harmony Biosciences by 165.2% during the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock worth $31,992,000 after purchasing an additional 579,103 shares during the period. Norges Bank acquired a new position in shares of Harmony Biosciences in the 4th quarter valued at $16,118,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of Harmony Biosciences by 18.2% in the 4th quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after purchasing an additional 351,582 shares during the last quarter. 86.23% of the stock is currently 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.