Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down After Analyst Downgrade

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares gapped down prior to trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $52.00 to $50.00. The stock had previously closed at $39.09, but opened at $36.82. Needham & Company LLC currently has a buy rating on the stock. Harmony Biosciences shares last traded at $35.21, with a volume of 195,284 shares changing hands.

Several other research analysts have also recently weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of Harmony Biosciences in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They set a “buy” rating and a $55.00 price target for the company. Finally, Cantor Fitzgerald boosted their price objective on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Harmony Biosciences presently has an average rating of “Buy” and a consensus price target of $54.78.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 10,507 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $37.01, for a total transaction of $388,864.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.13, for a total transaction of $774,228.09. The disclosure for this sale can be found here. In the last three months, insiders sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. FMR LLC grew its position in shares of Harmony Biosciences by 1.9% in the fourth quarter. FMR LLC now owns 5,329,902 shares of the company’s stock valued at $183,402,000 after purchasing an additional 101,182 shares during the last quarter. Vanguard Group Inc. boosted its stake in Harmony Biosciences by 36.4% in the 4th 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. Pacer Advisors Inc. grew its holdings in 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 buying an additional 351,582 shares in the last quarter. Deep Track Capital LP bought a new position in Harmony Biosciences during the 4th quarter worth $49,894,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Harmony Biosciences by 15.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,029 shares of the company’s stock worth $41,739,000 after buying an additional 160,490 shares in the last quarter. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The stock’s 50-day moving average price is $36.28 and its 200-day moving average price is $35.71. The company has a market cap of $2.10 billion, a P/E ratio of 17.46, a PEG ratio of 0.52 and a beta of 0.80.

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.