Harmony Biosciences (NASDAQ:HRMY) Trading Up 12.6% – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) was up 12.6% during trading on Tuesday . The company traded as high as $31.89 and last traded at $33.2490. Approximately 601,941 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 827,175 shares. The stock had previously closed at $29.53.

Analyst Upgrades and Downgrades

HRMY has been the subject of a number of research analyst reports. Needham & Company LLC decreased their price objective on shares of Harmony Biosciences from $46.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a research note on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Harmony Biosciences in a research report on Monday, December 29th. Zacks Research downgraded shares of Harmony Biosciences from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 26th. Finally, Deutsche Bank Aktiengesellschaft lowered Harmony Biosciences from a “buy” rating to a “hold” rating and set a $31.00 price target for the company. in a report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $42.67.

Harmony Biosciences Price Performance

The firm has a fifty day moving average of $29.30 and a two-hundred day moving average of $32.68. The stock has a market capitalization of $1.86 billion, a P/E ratio of 11.84, a P/E/G ratio of 0.44 and a beta of 0.89. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.60 and a quick ratio of 3.58.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, February 24th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.46). Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The business had revenue of $243.78 million for the quarter, compared to the consensus estimate of $240.04 million. During the same quarter in the previous year, the company earned $0.85 earnings per share. The firm’s revenue was up 21.1% on a year-over-year basis. On average, analysts predict that Harmony Biosciences Holdings, Inc. will post 3.33 EPS for the current year.

Insider Transactions at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 3,746 shares of Harmony Biosciences stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $37.15, for a total transaction of $139,163.90. Following the transaction, the chief financial officer directly owned 24,521 shares of the company’s stock, valued at $910,955.15. This trade represents a 13.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 11.00% of the stock is currently owned by insiders.

Institutional Trading of Harmony Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in shares of Harmony Biosciences by 589.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock worth $28,000 after acquiring an additional 643 shares in the last quarter. Leonteq Securities AG bought a new stake in Harmony Biosciences during the fourth quarter valued at about $30,000. Allworth Financial LP boosted its position in Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after purchasing an additional 602 shares in the last quarter. Clearstead Advisors LLC grew its stake in Harmony Biosciences by 145.9% in the fourth quarter. Clearstead Advisors LLC now owns 1,178 shares of the company’s stock valued at $44,000 after purchasing an additional 699 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in Harmony Biosciences in the fourth quarter worth $47,000. Institutional investors own 86.23% of the company’s stock.

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.