Harmony Biosciences (NASDAQ:HRMY) Trading Down 2.3% – Here’s Why

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares dropped 2.3% during trading on Tuesday . The company traded as low as $33.91 and last traded at $34.13. Approximately 77,153 shares changed hands during trading, a decline of 84% from the average daily volume of 485,983 shares. The stock had previously closed at $34.95.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald increased their target price on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Mizuho lifted their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, October 29th. HC Wainwright initiated coverage on shares of Harmony Biosciences in a research note on Tuesday, December 17th. They issued a “buy” rating and a $75.00 target price for the company. Finally, Oppenheimer restated an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.80.

Harmony Biosciences Stock Down 3.1 %

The business’s fifty day simple moving average is $34.23 and its 200 day simple moving average is $34.19. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 0.60 and a beta of 0.79. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.64 by $0.15. The firm had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. Equities analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.36 earnings per share for the current fiscal year.

Insider Activity at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 30.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management boosted its position in Harmony Biosciences by 72.5% during the second quarter. LSV Asset Management now owns 578,246 shares of the company’s stock valued at $17,446,000 after purchasing an additional 243,100 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after acquiring an additional 238,140 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Harmony Biosciences by 56.7% during the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after purchasing an additional 215,700 shares in the last quarter. Marshall Wace LLP grew its position in Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock worth $9,220,000 after buying an additional 181,092 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Harmony Biosciences by 27.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock worth $26,416,000 after purchasing an additional 140,690 shares during the period. 86.23% of the stock is currently owned by institutional investors and hedge funds.

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.