Harmony Biosciences (NASDAQ:HRMY) Shares Down 2.9%

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) dropped 2.9% on Tuesday . The stock traded as low as $29.53 and last traded at $29.53. Approximately 16,624 shares changed hands during trading, a decline of 96% from the average daily volume of 380,261 shares. The stock had previously closed at $30.42.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HRMY. Cantor Fitzgerald restated an “overweight” rating and set a $49.00 price target on shares of Harmony Biosciences in a research report on Friday, April 12th. Citigroup began coverage on shares of Harmony Biosciences in a research note on Friday, June 21st. They issued a “buy” rating and a $48.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Harmony Biosciences Trading Up 3.0 %

The company has a quick ratio of 3.07, a current ratio of 3.11 and a debt-to-equity ratio of 0.34. The firm’s fifty day moving average is $30.00 and its two-hundred day moving average is $31.19. The firm has a market cap of $1.75 billion, a P/E ratio of 13.37, a PEG ratio of 0.66 and a beta of 0.72.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Harmony Biosciences had a net margin of 22.30% and a return on equity of 28.26%. The firm had revenue of $154.62 million for the quarter, compared to analyst estimates of $154.10 million. During the same quarter in the previous year, the firm posted $0.48 EPS. The company’s revenue for the quarter was up 29.8% compared to the same quarter last year. Analysts predict that Harmony Biosciences Holdings, Inc. will post 2.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HRMY. TFO Wealth Partners LLC boosted its position in shares of Harmony Biosciences by 98,700.0% during the fourth quarter. TFO Wealth Partners LLC now owns 988 shares of the company’s stock valued at $32,000 after purchasing an additional 987 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Harmony Biosciences by 47.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,022 shares of the company’s stock valued at $33,000 after buying an additional 329 shares in the last quarter. Lazard Asset Management LLC grew its position in shares of Harmony Biosciences by 98.3% in the 1st quarter. Lazard Asset Management LLC now owns 4,542 shares of the company’s stock worth $152,000 after buying an additional 2,251 shares during the period. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Harmony Biosciences in the 4th quarter worth about $210,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in Harmony Biosciences by 342.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,777 shares of the company’s stock valued at $219,000 after acquiring an additional 5,244 shares during the period. 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.