Harmony Biosciences (NASDAQ:HRMY) Stock Price Down 7.4% – Here’s Why

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares dropped 7.4% during trading on Tuesday . The stock traded as low as $35.33 and last traded at $35.4210. Approximately 138,747 shares traded hands during trading, a decline of 76% from the average daily volume of 572,032 shares. The stock had previously closed at $38.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on HRMY shares. Deutsche Bank Aktiengesellschaft lowered their target price on Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, September 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Harmony Biosciences in a research note on Monday, November 24th. Wall Street Zen raised shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a report on Wednesday, December 3rd. Finally, Oppenheimer reissued an “outperform” rating and issued a $62.00 price target on shares of Harmony Biosciences in a research report on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.25.

Harmony Biosciences Stock Down 5.7%

The company has a 50-day moving average of $36.37 and a 200-day moving average of $33.92. 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 company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 11.31, a price-to-earnings-growth ratio of 0.40 and a beta of 0.84.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.05). The business had revenue of $239.46 million for the quarter, compared to analysts’ expectations of $222.68 million. Harmony Biosciences had a return on equity of 24.88% and a net margin of 22.50%. On average, equities analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jeffrey M. Dayno sold 25,933 shares of Harmony Biosciences stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.11, for a total transaction of $1,040,172.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC lifted its holdings in shares of Harmony Biosciences by 4,102.4% during the fourth quarter. SG Americas Securities LLC now owns 961,667 shares of the company’s stock worth $35,986,000 after purchasing an additional 938,783 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Harmony Biosciences in the 4th quarter valued at $655,000. CWA Asset Management Group LLC increased its stake in shares of Harmony Biosciences by 3.6% in the fourth quarter. CWA Asset Management Group LLC now owns 40,117 shares of the company’s stock worth $1,501,000 after acquiring an additional 1,384 shares during the period. City Center Advisors LLC raised its holdings in shares of Harmony Biosciences by 42.4% during the fourth quarter. City Center Advisors LLC now owns 11,409 shares of the company’s stock worth $427,000 after purchasing an additional 3,397 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in Harmony Biosciences by 500.7% during the third quarter. CIBC Private Wealth Group LLC now owns 20,233 shares of the company’s stock valued at $558,000 after purchasing an additional 16,865 shares during the period. 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.