Summit Global Investments Increases Stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Summit Global Investments lifted its holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 57.2% in the fourth quarter, HoldingsChannel reports. The firm owned 30,290 shares of the company’s stock after purchasing an additional 11,027 shares during the quarter. Summit Global Investments’ holdings in Harmony Biosciences were worth $1,042,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Harmony Biosciences by 92.6% in the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after purchasing an additional 436 shares in the last quarter. Mendota Financial Group LLC grew its holdings in shares of Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock valued at $33,000 after purchasing an additional 965 shares in the last quarter. KBC Group NV grew its holdings in shares of Harmony Biosciences by 79.9% in the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock valued at $63,000 after purchasing an additional 819 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Harmony Biosciences in the third quarter valued at $74,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Harmony Biosciences by 28.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock valued at $80,000 after purchasing an additional 519 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

HRMY has been the subject of a number of recent research reports. Mizuho raised their target price on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, March 18th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft began coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target for the company. Finally, HC Wainwright lowered their price target on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $53.33.

Harmony Biosciences Stock Up 1.1 %

NASDAQ:HRMY opened at $35.28 on Friday. Harmony Biosciences Holdings, Inc. has a twelve month low of $28.14 and a twelve month high of $41.61. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 0.47 and a beta of 0.82. The stock has a fifty day simple moving average of $36.42 and a 200-day simple moving average of $35.58. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.11. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. During the same period last year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. Analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current year.

Insider Transactions at Harmony Biosciences

In other news, CFO Sandip Kapadia sold 1,775 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jeffrey Dierks sold 1,123 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total value of $44,920.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is currently owned by insiders.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.