Harmony Biosciences (NASDAQ:HRMY) Shares Gap Down – Here’s What Happened

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares gapped down before the market opened on Monday. The stock had previously closed at $40.28, but opened at $38.34. Harmony Biosciences shares last traded at $38.6750, with a volume of 264,960 shares trading hands.

Trending Headlines about Harmony Biosciences

Here are the key news stories impacting Harmony Biosciences this week:

• Positive Sentiment: Analysts reaffirm bullish views: HC Wainwright maintained a Buy rating and set a $55 price target, implying substantial upside from the reference price. Needham also reaffirmed its Buy rating with a $50 target. These actions suggest some analysts expect continued growth from Harmony’s commercial business. HC Wainwright Buy Rating Needham Buy Rating
• Positive Sentiment: Recent operating performance remains strong: Harmony’s latest reported quarter exceeded earnings and revenue expectations, with revenue up 30.3% year over year. That growth could support the company’s valuation and the bullish analyst targets.
• Neutral Sentiment: CEO transition announced: Harmony promoted COO Peter Anastasiou to president and CEO as part of a planned transition intended to support the company’s next phase of growth. The appointment provides continuity from within management, although investors may monitor execution under the new leadership. Harmony Promotes Peter Anastasiou Planned CEO Transition
• Negative Sentiment: Bank of America remains bearish: Bank of America Securities reiterated its Sell rating on HRMY. The opposing view offsets the recent Buy reiterations and may contribute to caution among investors, particularly while the company undergoes a leadership change. Bank of America Sell Rating

Analysts Set New Price Targets

HRMY has been the topic of several research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Harmony Biosciences in a research report on Monday. Wall Street Zen upgraded Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Zacks Research cut Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $42.00 price target on shares of Harmony Biosciences in a research note on Thursday, October 1st. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Harmony Biosciences in a report on Tuesday. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Harmony Biosciences has a consensus rating of “Hold” and a consensus target price of $47.44.

Harmony Biosciences Stock Down 3.1%

The firm has a market cap of $2.16 billion, a P/E ratio of 12.41, a P/E/G ratio of 0.30 and a beta of 1.01. The business’s fifty day moving average price is $40.09 and its two-hundred day moving average price is $35.19. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.32. The business had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. Harmony Biosciences’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 EPS. As a group, equities research analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.79 EPS for the current year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider owned 13,115 shares of the company’s stock, valued at $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 72,406 shares of company stock valued at $3,108,520 over the last ninety days. 11.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Harmony Biosciences in the second quarter valued at approximately $258,583,000. Dimensional Fund Advisors LP grew its stake in shares of Harmony Biosciences by 13.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock worth $58,157,000 after acquiring an additional 245,784 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Harmony Biosciences by 109.9% in the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock worth $56,529,000 after acquiring an additional 1,056,507 shares during the last quarter. Renaissance Technologies LLC increased its position in Harmony Biosciences by 0.6% during the first quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company’s stock worth $30,177,000 after acquiring an additional 6,900 shares during the period. Finally, Armistice Capital LLC bought a new position in Harmony Biosciences during the fourth quarter worth $18,710,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.