Insider Selling: Harmony Biosciences (NASDAQ:HRMY) Insider Sells 5,500 Shares of Stock

Key Points

• Insider selling: Kumar Budur sold 5,500 Harmony Biosciences shares for $230,890, reducing his direct holdings by 22.81% to 18,615 shares. He also recently sold an additional 28,454 shares for approximately $1.22 million.
• Strong quarterly performance: Harmony reported quarterly EPS of $1.28, beating estimates of $0.96, while revenue reached $261.28 million and increased 30.3% year over year.
• Mixed market outlook: HRMY traded at $41.62, near its 52-week high, while analysts maintained an average “Hold” rating with a $47.11 target price; institutional investors own 86.23% of the company.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) insider Kumar Budur sold 5,500 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $41.98, for a total value of $230,890.00. Following the completion of the sale, the insider directly owned 18,615 shares of the company's stock, valued at approximately $781,457.70. This trade represents a 22.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, September 8th, Kumar Budur sold 28,454 shares of Harmony Biosciences stock. The shares were sold at an average price of $42.96, for a total value of $1,222,383.84.

Harmony Biosciences Stock Down 1.1%

Harmony Biosciences stock traded down $0.45 during mid-day trading on Wednesday, hitting $41.62. The company's stock had a trading volume of 1,132,798 shares, compared to its average volume of 846,651. The firm's 50 day moving average is $37.85 and its 200 day moving average is $33.06. The company has a market cap of $2.42 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.39 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45. Harmony Biosciences Holdings, Inc. has a 52-week low of $25.52 and a 52-week high of $43.49.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.32. The company had revenue of $261.28 million for the quarter, compared to analysts' expectations 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 for the quarter was up 30.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. On average, analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.77 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Harmony Biosciences in the second quarter worth $65,000. IFP Advisors Inc raised its position in shares of Harmony Biosciences by 4.6% during the second quarter. IFP Advisors Inc now owns 8,102 shares of the company's stock valued at $295,000 after buying an additional 353 shares during the last quarter. Baird Financial Group Inc. acquired a new position in shares of Harmony Biosciences during the second quarter valued at about $205,000. Allworth Financial LP lifted its stake in shares of Harmony Biosciences by 141.3% in the second quarter. Allworth Financial LP now owns 1,945 shares of the company's stock valued at $71,000 after buying an additional 1,139 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Harmony Biosciences by 11.1% in the second quarter. Arizona State Retirement System now owns 13,167 shares of the company's stock valued at $479,000 after buying an additional 1,315 shares during the period. Institutional investors and hedge funds own 86.23% of the company's stock.

Analyst Ratings Changes

HRMY has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. UBS Group reissued a "neutral" rating and set a $37.00 target price on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Oppenheimer restated an "outperform" rating and set a $70.00 price target on shares of Harmony Biosciences in a report on Tuesday, August 4th. Truist Financial upped their price target on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Finally, Wolfe Research started coverage on Harmony Biosciences in a report on Wednesday, August 26th. They set an "outperform" rating and a $60.00 price objective for the company. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences presently has an average rating of "Hold" and an average target price of $47.11.

About Harmony Biosciences

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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