Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down on Analyst Downgrade

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report)'s stock price gapped down prior to trading on Wednesday after Mizuho lowered their price target on the stock from $52.00 to $42.00. The stock had previously closed at $39.09, but opened at $36.82. Mizuho currently has an outperform rating on the stock. Harmony Biosciences shares last traded at $35.21, with a volume of 195,284 shares trading hands.

Other research analysts also recently issued research reports about the stock. HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Harmony Biosciences in a report on Wednesday. Needham & Company LLC cut their price target on Harmony Biosciences from $52.00 to $50.00 and set a "buy" rating for the company in a report on Wednesday. Oppenheimer reissued an "outperform" rating and issued a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Cantor Fitzgerald raised their price objective on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Harmony Biosciences in a report on Tuesday, February 11th. They issued a "buy" rating and a $55.00 price target on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Harmony Biosciences has an average rating of "Buy" and an average target price of $53.67.

Insider Buying and Selling

In other Harmony Biosciences news, CFO Sandip Kapadia sold 1,775 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $38.05, for a total value of $67,538.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey Dierks sold 1,123 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.00, for a total transaction of $44,920.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,452 shares of company stock valued at $2,831,679. 30.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Deep Track Capital LP bought a new stake in Harmony Biosciences in the fourth quarter worth $49,894,000. Vanguard Group Inc. boosted its stake in shares of Harmony Biosciences by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company's stock worth $162,883,000 after acquiring an additional 1,262,362 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company's stock worth $31,992,000 after buying an additional 579,103 shares during the period. Norges Bank bought a new position in shares of Harmony Biosciences in the fourth quarter worth approximately $16,118,000. Finally, Pacer Advisors Inc. raised its holdings in Harmony Biosciences by 18.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company's stock valued at $78,452,000 after acquiring an additional 351,582 shares during the period. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Stock Down 0.9 %

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 firm has a market capitalization of $1.97 billion, a P/E ratio of 16.38, a P/E/G ratio of 0.47 and a beta of 0.80. The company has a 50 day simple moving average of $36.57 and a two-hundred day simple moving average of $35.79.

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.