Harmony Biosciences Holdings Inc (NASDAQ:HRMY) shares are trading lower by 18.3% to $33.89 Wednesday afternoon after the company announced a public offering of up to 8 million shares of common stock by selling shareholders Marshman Fund Trust II and Valor IV Pharma Holdings.

What Else: Harmony Biosciences is offering 8 million shares of common stock through selling shareholders, who have granted underwriters a 30-day option to buy up to an additional 1.2 million shares.

The offering will not increase the company's outstanding share count, which will remain at 57,030,897 shares. Harmony will not receive any proceeds from this sale; all net proceeds go directly to the selling shareholders.

Additionally, a lock-up agreement restricts the sale of additional shares by key company insiders for 60 to 90 days.

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According to data from Benzinga Pro, HMRY has a 52-week high of $41.61 and a 52-week low of $22.03.