Harmony Biosciences CMO sells $1.65m in shares

Harmony Biosciences Chief Medical Officer Budur Kumar sold approximately $1.65 million worth of company shares over three days in September 2026. The transactions were conducted through a pre-set Rule 10b5-1 plan, allowing insiders to trade in a way that limits insider trading suspicions. During this period, Kumar sold 38,452 shares at prices between $43.00 and $43.0545 per share.

Trading activity from Kumar aligns with Harmony Biosciences' stock nearing its 52-week high of $43.49, following a strong growth period. The company's stock is currently valued at 13.96 times earnings, according to InvestingPro, and analysts consider it undervalued. Simultaneously, Kumar purchased 38,452 shares using stock options, spending around $1.17 million.

These options granted him different vesting schedules, with some shares becoming available for holding in January 2025 and others in May 2025. Post these transactions, Kumar now owns 13,115 shares directly. Harmony Biosciences recently reported impressive Q2 2026 earnings, with adjusted earnings per share of $1.28, beating analysts' estimates.

The company's Wakix product hit sales of $261.3 million, surpassing the estimated $250.8 million. The firm reaffirmed its revenue projections for the year, estimating between $1.00 billion and $1.04 billion. Analysts at Wolfe Research rated Harmony Biosciences as 'Outperform' with a price target of $60.00, noting the strength of its leading product despite legal and competitive challenges.

Oppenheimer also maintains an 'Outperform' rating but lowered the price target to $70 due to updated models. The company also highlighted progress in its BP-205 orexin-2 program.