BUZZ-Harmony Biosciences slides after secondary offering unveiled

Reuters10-31

** Shares of Harmony Biosciences slide 14.5% to $35.47 on Weds, more than erasing Tuesday's gain, after co launches secondary offering

** HRMY shares on track for biggest daily pct decline since Oct 13, 2023, when they plunged 30%

** Co focused on rare neurological diseases late Tues announced 8 mln share offering, with Marshman Fund Trust and Valor Equity Partners each offloading 4 mln shares ** Offering would cut Marshman's holdings to ~6.7 mln shares, or 11.7% stake, while Chicago-based PE firm Valor's ownership would go to ~7.2 mln shares, or 12.7% stake, per SEC prospectus filing ** On Tues, HRMY shares finished up 16.1% at $41.49 after co reported Q3 rev of $186 mln, up 16% y/y, and GAAP EPS of 79 cents, both topping consensus, per LSEG

** With move on the session, shares up ~10% YTD. Stock closed at $19.71 a year ago

** JP Morgan sole bookrunner for stock offering

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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