Harmony Biosciences (NASDAQ:HRMY) Trading Down 2.3% – What’s Next?

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

Analysts Set New Price Targets

Several research firms have recently commented on HRMY. Cantor Fitzgerald upped their target price on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Raymond James restated an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. Mizuho raised their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. HC Wainwright assumed coverage on shares of Harmony Biosciences in a report on Tuesday, December 17th. They issued a “buy” rating and a $75.00 price objective on the stock. Finally, Oppenheimer reissued an “outperform” rating and set a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $49.80.

Harmony Biosciences Price Performance

The business has a 50-day simple moving average of $34.23 and a two-hundred day simple moving average of $34.19. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 0.60 and a beta of 0.79. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. The firm had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.63 earnings per share. As a group, research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Harmony Biosciences

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in Harmony Biosciences in the 2nd quarter worth approximately $138,000. nVerses Capital LLC bought a new position in Harmony Biosciences in the 2nd quarter worth approximately $36,000. Versor Investments LP acquired a new position in Harmony Biosciences during the 2nd quarter valued at $549,000. Victory Capital Management Inc. raised its position in shares of Harmony Biosciences by 54.1% during the second quarter. Victory Capital Management Inc. now owns 84,964 shares of the company’s stock valued at $2,563,000 after buying an additional 29,816 shares during the last quarter. Finally, LSV Asset Management raised its holdings in Harmony Biosciences by 72.5% in the 2nd quarter. LSV Asset Management now owns 578,246 shares of the company’s stock valued at $17,446,000 after acquiring an additional 243,100 shares in the last quarter. 86.23% of the stock is 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.