Harmony Biosciences (NASDAQ:HRMY) Trading Down 4.5% - Time to Sell?

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) dropped 4.5% during mid-day trading on Thursday . The company traded as low as $33.51 and last traded at $33.56. Approximately 150,862 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 615,970 shares. The stock had previously closed at $35.14.

Analysts Set New Price Targets

Several brokerages recently issued reports on HRMY. HC Wainwright reiterated a "buy" rating and set a $70.00 price target on shares of Harmony Biosciences in a research report on Tuesday, April 8th. UBS Group reduced their target price on shares of Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating for the company in a report on Monday, April 28th. Mizuho increased their price objective on shares of Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Oppenheimer initiated coverage on shares of Harmony Biosciences in a research note on Monday, June 2nd. They set an "outperform" rating and a $61.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating and set a $49.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, May 6th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Harmony Biosciences presently has an average rating of "Buy" and an average price target of $53.00.

Harmony Biosciences Stock Down 1.1%

The business's 50-day simple moving average is $32.24 and its 200 day simple moving average is $34.06. 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 cap of $1.89 billion, a PE ratio of 15.63, a P/E/G ratio of 0.47 and a beta of 0.87.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.19. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company had revenue of $184.73 million for the quarter, compared to the consensus estimate of $184.26 million. During the same quarter in the previous year, the firm earned $0.67 EPS. Harmony Biosciences's revenue was up 19.5% compared to the same quarter last year. As a group, equities research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current year.

Hedge Funds Weigh In On Harmony Biosciences

Large investors have recently made changes to their positions in the company. Yousif Capital Management LLC raised its position in Harmony Biosciences by 22.4% during the fourth quarter. Yousif Capital Management LLC now owns 14,325 shares of the company's stock worth $493,000 after acquiring an additional 2,622 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Harmony Biosciences by 26.3% during the fourth quarter. State of Alaska Department of Revenue now owns 21,716 shares of the company's stock worth $747,000 after purchasing an additional 4,526 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Harmony Biosciences by 26.7% in the 4th quarter. Louisiana State Employees Retirement System now owns 18,500 shares of the company's stock valued at $637,000 after purchasing an additional 3,900 shares during the last quarter. New York State Teachers Retirement System raised its holdings in shares of Harmony Biosciences by 2.6% in the 4th quarter. New York State Teachers Retirement System now owns 31,693 shares of the company's stock valued at $1,091,000 after purchasing an additional 809 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Harmony Biosciences by 18.0% during the 4th quarter. Rhumbline Advisers now owns 108,588 shares of the company's stock worth $3,736,000 after acquiring an additional 16,537 shares in the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

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.