Harmony Biosciences (NASDAQ:HRMY) Sees Unusually-High Trading Volume – Time to Buy?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) saw unusually-strong trading volume on Friday . Approximately 1,120,149 shares changed hands during mid-day trading, an increase of 73% from the previous session’s volume of 646,501 shares.The stock last traded at $28.4870 and had previously closed at $34.39.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating on shares of Harmony Biosciences in a research report on Wednesday, December 3rd. Wall Street Zen raised Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Oppenheimer restated an “outperform” rating and issued a $62.00 price objective on shares of Harmony Biosciences in a research note on Monday, November 24th. UBS Group lowered Harmony Biosciences from a “buy” rating to a “neutral” rating and upped their target price for the company from $43.00 to $46.00 in a research report on Wednesday, February 11th. Finally, Mizuho set a $50.00 price target on shares of Harmony Biosciences in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.13.

Harmony Biosciences Stock Down 15.2%

The business has a 50 day moving average price of $37.03 and a 200 day moving average price of $34.29. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.68 billion, a PE ratio of 9.17, a P/E/G ratio of 0.27 and a beta of 0.84.

Insider Buying and Selling

In related news, CEO Jeffrey M. Dayno sold 25,933 shares of the firm’s 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 document filed with the SEC, which is available at this link. Also, CFO Sandip Kapadia sold 3,746 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $37.15, for a total value of $139,163.90. Following the completion of the transaction, the chief financial officer directly owned 24,521 shares of the company’s stock, valued at $910,955.15. The trade was a 13.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 50,640 shares of company stock worth $1,932,256 in the last ninety days. Corporate insiders own 23.60% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in shares of Harmony Biosciences by 11.8% during the fourth quarter. Invesco Ltd. now owns 450,805 shares of the company’s stock worth $16,869,000 after purchasing an additional 47,517 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Harmony Biosciences in the 4th quarter worth about $525,000. State of Tennessee Department of Treasury boosted its holdings in Harmony Biosciences by 37.0% in the 4th quarter. State of Tennessee Department of Treasury now owns 36,150 shares of the company’s stock worth $1,320,000 after buying an additional 9,768 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Harmony Biosciences during the 4th quarter worth approximately $1,529,000. Finally, Empowered Funds LLC raised its holdings in shares of Harmony Biosciences by 56.9% during the fourth quarter. Empowered Funds LLC now owns 85,153 shares of the company’s stock valued at $3,186,000 after acquiring an additional 30,882 shares during the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

About Harmony Biosciences

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.