Harmony Biosciences (NASDAQ:HRMY) Shares Down 8.2% - Should You Sell?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report)'s share price traded down 8.2% during trading on Wednesday . The company traded as low as $34.79 and last traded at $33.96. 225,330 shares changed hands during trading, a decline of 62% from the average session volume of 596,985 shares. The stock had previously closed at $36.97.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Mizuho reduced their price objective on Harmony Biosciences from $52.00 to $42.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft assumed coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They set a "buy" rating and a $55.00 price objective for the company. HC Wainwright reduced their price objective on Harmony Biosciences from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Needham & Company LLC reiterated a "buy" rating and set a $50.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $53.11.

Harmony Biosciences Stock Performance

The stock has a market cap of $1.94 billion, a P/E ratio of 16.04, a price-to-earnings-growth ratio of 0.47 and a beta of 0.80. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average price of $36.63 and a two-hundred day moving average price of $35.80.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.11. The firm had revenue of $201.30 million during the quarter, compared to analyst estimates of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business's quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, sell-side analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, CFO Sandip Kapadia sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Dierks sold 1,123 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total value of $44,920.00. The disclosure for this sale can be found here. Insiders sold a total of 72,452 shares of company stock valued at $2,831,679 over the last 90 days. 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. GAMMA Investing LLC boosted its holdings in shares of Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company's stock worth $31,000 after purchasing an additional 436 shares during the period. Mendota Financial Group LLC boosted its holdings in shares of Harmony Biosciences by 24,125.0% in the 4th quarter. Mendota Financial Group LLC now owns 969 shares of the company's stock worth $33,000 after purchasing an additional 965 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of Harmony Biosciences in the 4th quarter worth approximately $41,000. KBC Group NV boosted its holdings in shares of Harmony Biosciences by 79.9% in the 4th quarter. KBC Group NV now owns 1,844 shares of the company's stock worth $63,000 after purchasing an additional 819 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Harmony Biosciences in the 3rd quarter worth approximately $74,000. 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.