In a recent transaction reported to the Securities and Exchange Commission, Marshman Fund Trust II disclosed the sale of 4.6 million shares of Harmony Biosciences Holdings , Inc. (NASDAQ:HRMY). The shares were sold at an average price of $30.3025 each, totaling approximately $139.39 million. Following these transactions, Marshman Fund Trust II retains ownership of 6,651,120 shares in the pharmaceutical company. The sales were executed on November 1 and November 5, 2024, as indicated in the filing.
In other recent news, Harmony (JO:HARJ) Biosciences reported a robust third quarter in 2024, with WAKIX net revenue hitting $186 million and total sales surpassing the $2 billion mark since its launch. The company also confirmed its 2024 revenue guidance, which is estimated to fall between $700 million and $720 million. Harmony Biosciences is optimistic about WAKIX exceeding $1 billion in the adult narcolepsy market.
The company is also making strides in its pipeline, including the development of new formulations of pitolisant and treatments for rare neurological diseases. Harmony Biosciences is backed by a strong financial position, with a cash balance of approximately $505 million.
Despite upcoming IP litigation, the company maintains confidence in the strength and validity of its patents. Recent developments include the denial of two challenges to the U.S. PTO regarding the company's patents, securing their IP position until 2030. Harmony Biosciences is also progressing with its epilepsy portfolio, including EPX-100 and EPX-200, targeting developmental epileptic encephalopathies.
InvestingPro Insights
The recent sale of Harmony Biosciences Holdings , Inc. (NASDAQ:HRMY) shares by Marshman Fund Trust II comes at a time when the company's stock has experienced significant volatility. According to InvestingPro data, HRMY's stock has taken a substantial hit over the last week, with a 1-week price total return of -20.34%. This sharp decline may have influenced the timing of the large share sale.
Despite the recent stock performance, Harmony Biosciences maintains a solid financial position. InvestingPro Tips reveal that the company holds more cash than debt on its balance sheet, indicating financial stability. Additionally, the company's valuation implies a strong free cash flow yield, which could be attractive to value-oriented investors.
It's worth noting that while Marshman Fund Trust II has reduced its position, management at Harmony Biosciences has been aggressively buying back shares, as highlighted by another InvestingPro Tip. This contrasting behavior between a major shareholder and the company's management could signal differing perspectives on the company's future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Harmony Biosciences, providing deeper insights into the company's financial health and market position.
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