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

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on HRMY. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Raymond James reaffirmed an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho lifted their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Finally, UBS Group began coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective on the stock. Two research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Trading Down 3.0 %

The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $35.25 and a 200-day simple moving average of $33.66. The firm has a market cap of $1.98 billion, a P/E ratio of 16.94, a P/E/G ratio of 0.66 and a beta of 0.77.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.15. The business had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS. On average, equities research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.36 EPS for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of HRMY. nVerses Capital LLC purchased a new position in Harmony Biosciences during the 2nd quarter valued at $36,000. CWM LLC boosted its holdings in Harmony Biosciences by 111.7% during the 3rd quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after acquiring an additional 775 shares during the period. Quarry LP purchased a new position in Harmony Biosciences during the 2nd quarter valued at $62,000. Quantbot Technologies LP purchased a new position in Harmony Biosciences during the 3rd quarter valued at $74,000. Finally, Headlands Technologies LLC boosted its holdings in Harmony Biosciences by 1,608.1% during the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock valued at $77,000 after acquiring an additional 2,396 shares during the period. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

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.