Harmony Biosciences (NASDAQ:HRMY) Stock Price Down 3.1% – Here’s What Happened

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) dropped 3.1% on Friday . The stock traded as low as $34.40 and last traded at $34.65. Approximately 55,783 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 475,282 shares. The stock had previously closed at $35.75.

Analyst Upgrades and Downgrades

HRMY has been the subject of several research reports. Cantor Fitzgerald upped 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. Raymond James reiterated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a report on Thursday, October 10th. Mizuho upped their target price on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Finally, UBS Group began coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price target for the company. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Harmony Biosciences Stock Down 3.0 %

The company has a 50-day moving average of $35.25 and a 200-day moving average of $33.66. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 0.66 and a beta of 0.77. 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, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. During the same period in the prior year, the company posted $0.63 EPS. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities analysts predict that Harmony Biosciences Holdings, Inc. will post 2.36 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in shares of Harmony Biosciences by 6.1% in the third quarter. Franklin Resources Inc. now owns 29,773 shares of the company’s stock worth $1,191,000 after buying an additional 1,720 shares during the last quarter. Barclays PLC boosted its stake in shares of Harmony Biosciences by 110.9% in the third quarter. Barclays PLC now owns 76,862 shares of the company’s stock worth $3,074,000 after buying an additional 40,416 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Harmony Biosciences in the third quarter worth about $280,000. XTX Topco Ltd purchased a new stake in shares of Harmony Biosciences in the third quarter worth about $451,000. Finally, HighTower Advisors LLC boosted its stake in shares of Harmony Biosciences by 364.0% in the third quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock worth $3,199,000 after buying an additional 62,729 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

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.