Harmony Biosciences (NASDAQ:HRMY) Sees Unusually-High Trading Volume – What’s Next?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares saw strong trading volume on Friday . 1,120,149 shares traded hands during mid-day trading, an increase of 73% from the previous session’s volume of 646,501 shares.The stock last traded at $28.4870 and had previously closed at $34.39.

Analysts Set New Price Targets

A number of analysts have issued reports on HRMY shares. Truist Financial decreased their price target on Harmony Biosciences from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Oppenheimer reiterated an “outperform” rating and set a $62.00 price objective on shares of Harmony Biosciences in a report on Monday, November 24th. Mizuho set a $50.00 target price on shares of Harmony Biosciences in a research report on Thursday. Wall Street Zen upgraded shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $46.13.

Harmony Biosciences Stock Down 15.2%

The firm’s 50 day moving average price is $37.25 and its two-hundred day moving average price is $34.34. The firm has a market capitalization of $1.68 billion, a PE ratio of 9.11, a P/E/G ratio of 0.33 and a beta of 0.84. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, CEO Jeffrey M. Dayno sold 25,933 shares of Harmony Biosciences stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.11, for a total transaction of $1,040,172.63. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sandip Kapadia sold 3,746 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $37.15, for a total value of $139,163.90. Following the completion of the transaction, the chief financial officer directly owned 24,521 shares in the company, valued at approximately $910,955.15. The trade was a 13.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 50,640 shares of company stock worth $1,932,256. Corporate insiders own 23.60% of the company’s stock.

Institutional Trading of Harmony Biosciences

Several institutional investors have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board boosted its position in shares of Harmony Biosciences by 41.6% during the third quarter. Public Sector Pension Investment Board now owns 185,803 shares of the company’s stock worth $5,121,000 after buying an additional 54,605 shares during the period. Capital Fund Management S.A. bought a new stake in Harmony Biosciences during the 2nd quarter valued at $1,142,000. Exchange Traded Concepts LLC raised its stake in Harmony Biosciences by 102.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 65,023 shares of the company’s stock valued at $1,792,000 after acquiring an additional 32,923 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Harmony Biosciences by 39.3% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 234,779 shares of the company’s stock worth $6,471,000 after acquiring an additional 66,236 shares during the period. Finally, Nomura Holdings Inc. grew its stake in shares of Harmony Biosciences by 382.3% in the second quarter. Nomura Holdings Inc. now owns 422,919 shares of the company’s stock worth $13,364,000 after purchasing an additional 335,237 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

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.