Harmony Biosciences (NASDAQ:HRMY) Stock Price Down 4.5% After Insider Selling

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) dropped 4.5% on Thursday after an insider sold shares in the company. The company traded as low as $36.96 and last traded at $36.94. Approximately 113,220 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 520,246 shares. The stock had previously closed at $38.66.

Specifically, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The disclosure for this sale can be found here. In related news, insider Jeffrey Dierks sold 1,123 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.00, for a total value of $44,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on HRMY. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Harmony Biosciences in a research note on Thursday, January 16th. Raymond James reissued an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho boosted their price target on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald increased their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $55.00.

Harmony Biosciences Stock Performance

The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $34.86 and a 200-day moving average price of $35.11. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 18.01, a P/E/G ratio of 0.51 and a beta of 0.78.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. During the same period in the previous year, the business posted $0.63 EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. Research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Harmony Biosciences by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after purchasing an additional 360 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Harmony Biosciences by 92.6% in the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after buying an additional 436 shares during the period. Profund Advisors LLC lifted its stake in shares of Harmony Biosciences by 11.1% in the second quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock valued at $228,000 after buying an additional 758 shares during the period. CWM LLC grew its position in Harmony Biosciences by 111.7% during the third quarter. CWM LLC now owns 1,469 shares of the company’s stock worth $59,000 after buying an additional 775 shares in the last quarter. Finally, KBC Group NV increased its stake in Harmony Biosciences by 79.9% during 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 during the period. 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.