PNC Financial Services Group Inc. Increases Stock Position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

PNC Financial Services Group Inc. lifted its position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 28.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,328 shares of the company’s stock after purchasing an additional 519 shares during the period. PNC Financial Services Group Inc.’s holdings in Harmony Biosciences were worth $80,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in HRMY. Pacer Advisors Inc. increased its stake in Harmony Biosciences by 18.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock worth $78,452,000 after acquiring an additional 351,582 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Harmony Biosciences by 27.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock worth $26,416,000 after purchasing an additional 140,690 shares during the period. Charles Schwab Investment Management Inc. increased its position in Harmony Biosciences by 27.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 472,028 shares of the company’s stock worth $16,242,000 after purchasing an additional 100,586 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Harmony Biosciences by 13.8% in the fourth quarter. Bank of New York Mellon Corp now owns 265,639 shares of the company’s stock valued at $9,141,000 after buying an additional 32,272 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Harmony Biosciences by 68.4% during the third quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock valued at $9,217,000 after buying an additional 93,622 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Mizuho boosted their price objective on Harmony Biosciences from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 18th. Finally, HC Wainwright lowered their target price on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $53.33.

Insider Activity

In other Harmony Biosciences news, insider Jeffrey Dierks sold 10,507 shares of Harmony Biosciences stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is currently owned by corporate insiders.

Harmony Biosciences Trading Down 3.7 %

Shares of HRMY opened at $32.99 on Wednesday. Harmony Biosciences Holdings, Inc. has a one year low of $28.14 and a one year high of $41.61. The stock has a 50-day moving average price of $36.31 and a 200 day moving average price of $35.55. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The company has a market capitalization of $1.89 billion, a P/E ratio of 15.64, a P/E/G ratio of 0.47 and a beta of 0.82.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $201.30 million during the quarter, compared to analyst estimates of $201.25 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 19.5% compared to the same quarter last year. Sell-side analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal year.

Harmony Biosciences 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.