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

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

Specifically, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was 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 other Harmony Biosciences news, insider Jeffrey Dierks sold 1,123 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total transaction of $44,920.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

HRMY has been the topic of a number of recent analyst reports. Mizuho lifted their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Raymond James restated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $52.00 target price on shares of Harmony Biosciences in a research note on Monday, January 13th. Oppenheimer reissued an “outperform” rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald upped their price objective on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Harmony Biosciences currently has a consensus rating of “Buy” and a consensus price target of $55.00.

Harmony Biosciences Stock Performance

The company has a 50 day moving average of $34.86 and a 200 day moving average of $35.11. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 0.51 and a beta of 0.78. 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 announced its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.15. The business had revenue of $186.00 million during the quarter, compared to analysts’ expectations of $184.07 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. As a group, research analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HRMY. Citigroup Inc. grew its stake in shares of Harmony Biosciences by 9.8% during the third quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock valued at $7,114,000 after purchasing an additional 15,859 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Harmony Biosciences by 364.0% in the 3rd quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock valued at $3,199,000 after buying an additional 62,729 shares during the period. Quest Partners LLC raised its position in shares of Harmony Biosciences by 137.6% during the third quarter. Quest Partners LLC now owns 35,723 shares of the company’s stock worth $1,429,000 after acquiring an additional 20,689 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after acquiring an additional 181,092 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Harmony Biosciences by 68.4% in the third quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock worth $9,217,000 after purchasing an additional 93,622 shares during the period. 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.