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

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

Specifically, CEO Jeffrey M. Dayno sold 25,933 shares of the stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

HRMY has been the subject of a number of recent analyst reports. 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. Weiss Ratings reissued a “hold (c)” rating on shares of Harmony Biosciences in a report on Monday. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a research report on Wednesday, December 3rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating on the stock in a research report on Thursday, September 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of Harmony Biosciences in a research report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Harmony Biosciences has a consensus rating of “Moderate Buy” and an average target price of $45.63.

Harmony Biosciences Stock Performance

The company has a market capitalization of $2.18 billion, a P/E ratio of 11.89, a P/E/G ratio of 0.47 and a beta of 0.80. The company has a current ratio of 3.75, a quick ratio of 3.72 and a debt-to-equity ratio of 0.18. The company’s fifty day moving average is $33.17 and its 200 day moving average is $33.43.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, November 4th. The company reported $0.87 earnings per share (EPS) 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 business had revenue of $239.46 million for the quarter, compared to the consensus estimate of $222.68 million. As a group, equities analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in shares of Harmony Biosciences by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 1,691,581 shares of the company’s stock valued at $46,620,000 after buying an additional 109,405 shares during the period. American Century Companies Inc. grew its stake in Harmony Biosciences by 11.2% during the third quarter. American Century Companies Inc. now owns 1,669,565 shares of the company’s stock valued at $46,013,000 after acquiring an additional 168,145 shares in the last quarter. LSV Asset Management increased its holdings in Harmony Biosciences by 7.1% during the 3rd quarter. LSV Asset Management now owns 1,594,893 shares of the company’s stock worth $43,955,000 after acquiring an additional 106,391 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Harmony Biosciences by 42.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company’s stock worth $35,701,000 after acquiring an additional 388,472 shares during the period. Finally, Marshall Wace LLP lifted its stake in Harmony Biosciences by 36.3% in the 2nd quarter. Marshall Wace LLP now owns 1,209,484 shares of the company’s stock worth $38,220,000 after purchasing an additional 321,947 shares in the last quarter. Institutional investors own 86.23% of the company’s stock.

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.