Harmony Biosciences (NASDAQ:HRMY) Shares Down 3.9% Following Insider Selling

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) were down 3.9% on Thursday following insider selling activity. The stock traded as low as $37.47 and last traded at $37.2550. Approximately 120,139 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 729,320 shares. The stock had previously closed at $38.78.

Specifically, CEO Jeffrey M. Dayno sold 25,933 shares of the business’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

HRMY has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday, September 25th. Mizuho raised their price objective on shares of Harmony Biosciences from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, December 1st. Wall Street Zen raised shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of Harmony Biosciences in a research note on Monday, November 24th. Finally, UBS Group lowered their price target on Harmony Biosciences from $50.00 to $43.00 and set a “buy” rating on the stock in a research report on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Harmony Biosciences currently has an average rating of “Moderate Buy” and an average target price of $45.63.

Harmony Biosciences Stock Down 3.4%

The stock has a market capitalization of $2.16 billion, a P/E ratio of 11.78, a PEG ratio of 0.48 and a beta of 0.80. The stock has a 50 day moving average price of $32.94 and a 200-day moving average price of $33.41. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.75 and a quick ratio of 3.72.

Harmony Biosciences (NASDAQ:HRMY) last released its 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). Harmony Biosciences had a net margin of 22.50% and a return on equity of 24.88%. The company had revenue of $239.46 million during the quarter, compared to the consensus estimate of $222.68 million. As a group, research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC grew its holdings in shares of Harmony Biosciences by 500.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 20,233 shares of the company’s stock worth $558,000 after acquiring an additional 16,865 shares during the period. CIBC Bancorp USA Inc. purchased a new position in shares of Harmony Biosciences in the 3rd quarter valued at approximately $686,000. Danske Bank A S bought a new stake in shares of Harmony Biosciences during the third quarter valued at approximately $466,000. Caxton Associates LLP purchased a new stake in Harmony Biosciences in the third quarter worth $453,000. Finally, XTX Topco Ltd grew its stake in Harmony Biosciences by 369.8% in the third quarter. XTX Topco Ltd now owns 43,467 shares of the company’s stock worth $1,198,000 after purchasing an additional 34,215 shares during the period. 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.