Harmony Biosciences (NASDAQ:HRMY) Shares Down 5.5% – What’s Next?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s share price dropped 5.5% on Wednesday . The company traded as low as $33.94 and last traded at $34.90. Approximately 782,363 shares were traded during trading, an increase of 27% from the average daily volume of 615,559 shares. The stock had previously closed at $36.92.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on HRMY. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a research report on Wednesday, December 3rd. Oppenheimer reissued an “outperform” rating and set a $62.00 price target on shares of Harmony Biosciences in a report on Monday, November 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Harmony Biosciences in a report on Monday, November 24th. Wall Street Zen upgraded shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Harmony Biosciences in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Harmony Biosciences presently has an average rating of “Moderate Buy” and an average target price of $45.63.

Harmony Biosciences Stock Down 4.6%

The stock has a market cap of $2.03 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 0.33 and a beta of 0.84. The company has a current ratio of 3.75, a quick ratio of 3.72 and a debt-to-equity ratio of 0.18. The stock’s 50-day moving average is $37.44 and its 200-day moving average is $34.33.

Insider Buying and Selling

In related news, CEO Jeffrey M. Dayno sold 25,933 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.11, for a total transaction of $1,040,172.63. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sandip Kapadia sold 20,961 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.92, for a total value of $752,919.12. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 50,640 shares of company stock worth $1,932,256 in the last quarter. Company insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in Harmony Biosciences by 589.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock worth $28,000 after acquiring an additional 643 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Harmony Biosciences by 286.7% in the 4th quarter. Allworth Financial LP now owns 812 shares of the company’s stock worth $30,000 after purchasing an additional 602 shares in the last quarter. Leonteq Securities AG acquired a new stake in Harmony Biosciences during the fourth quarter valued at approximately $30,000. Parkside Financial Bank & Trust boosted its holdings in Harmony Biosciences by 4,185.2% during the second quarter. Parkside Financial Bank & Trust now owns 1,157 shares of the company’s stock worth $37,000 after buying an additional 1,130 shares in the last quarter. Finally, National Bank of Canada FI acquired a new position in Harmony Biosciences in the third quarter worth approximately $40,000. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.