Insider Selling: Harmony Biosciences (NASDAQ:HRMY) Insider Sells 28,454 Shares

Key Points

• Insider sale: Kumar Budur sold 28,454 Harmony Biosciences shares for approximately $1.22 million, reducing his direct holdings by 68.45% to 13,115 shares. He also sold 5,500 shares a few days earlier.
• Strong quarterly results: Harmony reported adjusted earnings of $1.28 per share, exceeding estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million.
• Mixed analyst outlook: Analysts’ consensus rating is “Hold,” with an average price target of $47.11 versus the stock’s reported price of $41.62; institutional investors own 86.23% of the company.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) insider Kumar Budur sold 28,454 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $42.96, for a total transaction of $1,222,383.84. Following the completion of the sale, the insider directly owned 13,115 shares in the company, valued at $563,420.40. This trade represents a 68.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Kumar Budur also recently made the following trade(s):

• On Friday, September 4th, Kumar Budur sold 5,500 shares of Harmony Biosciences stock. The shares were sold at an average price of $41.98, for a total value of $230,890.00.

Harmony Biosciences Stock Performance

NASDAQ:HRMY traded down $0.45 during trading hours on Wednesday, reaching $41.62. The stock had a trading volume of 1,132,798 shares, compared to its average volume of 846,651. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The stock has a 50 day simple moving average of $37.85 and a 200 day simple moving average of $33.06. Harmony Biosciences Holdings, Inc. has a 12-month low of $25.52 and a 12-month high of $43.49. The stock has a market cap of $2.42 billion, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 0.39 and a beta of 0.93.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its earnings results 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 firm had revenue of $261.28 million for the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%.The business's revenue was up 30.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 earnings per share. On average, research analysts forecast that Harmony Biosciences Holdings, Inc. will post 3.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Harmony Biosciences during the second quarter valued at $258,583,000. Dimensional Fund Advisors LP increased its stake in Harmony Biosciences by 13.4% in the 1st 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. California State Teachers Retirement System increased its stake in Harmony Biosciences by 3,455.0% in the 2nd quarter. California State Teachers Retirement System now owns 2,059,313 shares of the company's stock worth $74,980,000 after acquiring an additional 2,001,385 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Harmony Biosciences by 109.9% in the 1st quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company's stock valued at $56,529,000 after acquiring an additional 1,056,507 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Harmony Biosciences by 0.5% in the 4th quarter. State Street Corp now owns 1,661,850 shares of the company's stock valued at $62,186,000 after acquiring an additional 8,246 shares in the last quarter. Institutional investors own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Needham & Company LLC upped their price objective on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Zacks Research downgraded shares of Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Truist Financial boosted their price target on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a "hold" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $37.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $47.11.

Harmony Biosciences Company Profile

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.

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