Summit Global Investments Sells 901 Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Summit Global Investments reduced its stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 4.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 19,263 shares of the company’s stock after selling 901 shares during the quarter. Summit Global Investments’ holdings in Harmony Biosciences were worth $771,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. nVerses Capital LLC acquired a new position in Harmony Biosciences during the 2nd quarter worth approximately $36,000. CWM LLC lifted its holdings in shares of Harmony Biosciences by 111.7% in the 3rd quarter. CWM LLC now owns 1,469 shares of the company’s stock worth $59,000 after purchasing an additional 775 shares in the last quarter. Quarry LP acquired a new stake in Harmony Biosciences in the 2nd quarter valued at $62,000. Headlands Technologies LLC increased its stake in Harmony Biosciences by 1,608.1% during the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock valued at $77,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Harmony Biosciences by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after buying an additional 360 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Mizuho boosted their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Oppenheimer reissued an “outperform” rating and issued a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. UBS Group initiated coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target for the company. Cantor Fitzgerald raised their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Raymond James reiterated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Insiders Place Their Bets

In other news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 30.80% of the company’s stock.

Harmony Biosciences Price Performance

HRMY opened at $36.08 on Friday. The firm has a market cap of $2.06 billion, a P/E ratio of 17.10, a PEG ratio of 0.64 and a beta of 0.77. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. Harmony Biosciences Holdings, Inc. has a fifty-two week low of $22.89 and a fifty-two week high of $41.61. The firm has a 50-day moving average of $36.15 and a 200 day moving average of $33.33.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company had revenue of $186.00 million during the quarter, compared to analyst estimates of $184.07 million. During the same quarter last year, the business posted $0.63 EPS. Harmony Biosciences’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.36 EPS for the current year.

About Harmony Biosciences

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.