Harmony Biosciences (NASDAQ:HRMY) Sees Unusually-High Trading Volume – Should You Buy?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares saw an uptick in trading volume on Friday . 1,120,149 shares changed 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.

Analyst Upgrades and Downgrades

A number of research firms have commented on HRMY. Oppenheimer restated an “outperform” rating and set a $62.00 price target on shares of Harmony Biosciences in a research report on Monday, November 24th. Mizuho set a $50.00 target price on Harmony Biosciences in a report on Thursday. UBS Group lowered Harmony Biosciences from a “buy” rating to a “neutral” rating and increased their price target for the company from $43.00 to $46.00 in a research note on Wednesday, February 11th. HC Wainwright reissued a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Finally, Truist Financial decreased their target price on Harmony Biosciences from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences has an average rating of “Moderate Buy” and an average price target of $46.13.

Harmony Biosciences Trading Down 15.2%

The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 9.11, a PEG ratio of 0.33 and a beta of 0.84. The company has a 50-day moving average price of $37.25 and a 200 day moving average price of $34.34.

Insider Transactions at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 20,961 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $35.92, for a total transaction of $752,919.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jeffrey M. Dayno sold 25,933 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.11, for a total transaction of $1,040,172.63. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 50,640 shares of company stock worth $1,932,256 in the last quarter. 23.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors and hedge funds have recently modified their holdings of HRMY. Dimensional Fund Advisors LP boosted its position in Harmony Biosciences by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,726 shares of the company’s stock valued at $68,507,000 after purchasing an additional 139,145 shares during the last quarter. American Century Companies Inc. increased its position in Harmony Biosciences by 11.2% in the 3rd quarter. American Century Companies Inc. now owns 1,669,565 shares of the company’s stock worth $46,013,000 after purchasing an additional 168,145 shares during the last quarter. State Street Corp raised its stake in shares of Harmony Biosciences by 0.5% during the 4th quarter. State Street Corp now owns 1,661,850 shares of the company’s stock worth $62,186,000 after purchasing an additional 8,246 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Harmony Biosciences by 3.9% during the 4th quarter. LSV Asset Management now owns 1,657,093 shares of the company’s stock valued at $62,008,000 after buying an additional 62,200 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Harmony Biosciences by 15.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,491,605 shares of the company’s stock valued at $55,816,000 after buying an additional 196,224 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

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.