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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)’s share price dropped 4.5% during trading on Thursday following insider selling activity. The stock traded as low as $36.96 and last traded at $36.94. Approximately 113,220 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 520,246 shares. The stock had previously closed at $38.66.

Specifically, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total transaction of $1,004,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value 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 Harmony Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total value of $44,920.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on HRMY shares. Cantor Fitzgerald raised their target price 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. Raymond James restated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a report 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 report on Monday, January 13th. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Harmony Biosciences in a research note on Thursday, January 16th. Finally, Mizuho upped 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. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $55.00.

Harmony Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The company has a fifty day moving average of $34.86 and a two-hundred day moving average of $35.11. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 0.51 and a beta of 0.78.

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 analysts’ consensus estimates of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company had revenue of $186.00 million during the quarter, compared to analysts’ expectations of $184.07 million. During the same quarter in the previous year, the business posted $0.63 earnings per share. Harmony Biosciences’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. grew its position in Harmony Biosciences by 10.6% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,093 shares of the company’s stock worth $416,000 after buying an additional 1,162 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Harmony Biosciences by 18.2% during the 4th quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock worth $78,452,000 after purchasing an additional 351,582 shares in the last quarter. KBC Group NV increased its position in shares of Harmony Biosciences by 79.9% in the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after purchasing an additional 819 shares during the period. Janney Montgomery Scott LLC raised its stake in Harmony Biosciences by 9.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 17,445 shares of the company’s stock valued at $600,000 after purchasing an additional 1,550 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Harmony Biosciences by 43.1% during the fourth quarter. SG Americas Securities LLC now owns 22,498 shares of the company’s stock worth $774,000 after purchasing an additional 6,774 shares during the period. Institutional investors and hedge funds 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.