Summit Global Investments Buys New Holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Summit Global Investments purchased a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,173 shares of the company’s stock, valued at approximately $522,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. grew its holdings in Harmony Biosciences by 95.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,533 shares of the company’s stock worth $50,000 after acquiring an additional 748 shares during the period. Oakworth Capital Inc. acquired a new position in shares of Harmony Biosciences in the 3rd quarter valued at $150,000. ELCO Management Co. LLC acquired a new position in shares of Harmony Biosciences in the 3rd quarter valued at $210,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Harmony Biosciences during the fourth quarter worth $210,000. Finally, Raymond James & Associates acquired a new stake in Harmony Biosciences during the third quarter valued at $216,000. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Harmony Biosciences Stock Performance

NASDAQ:HRMY opened at $31.57 on Friday. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 0.43 and a beta of 0.75. The company has a quick ratio of 2.72, a current ratio of 3.11 and a debt-to-equity ratio of 0.34. Harmony Biosciences Holdings, Inc. has a 52 week low of $18.61 and a 52 week high of $39.26. The company has a fifty day simple moving average of $31.17 and a two-hundred day simple moving average of $30.13.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, April 30th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Harmony Biosciences had a net margin of 22.30% and a return on equity of 28.26%. The firm had revenue of $154.62 million for the quarter, compared to analysts’ expectations of $154.10 million. During the same quarter last year, the company earned $0.48 earnings per share. The firm’s revenue was up 29.8% compared to the same quarter last year. As a group, equities analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on HRMY shares. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target on shares of Harmony Biosciences in a research note on Tuesday, April 30th. Cantor Fitzgerald restated an “overweight” rating and set a $49.00 price target on shares of Harmony Biosciences in a research report on Friday, April 12th. The Goldman Sachs Group increased their target price on Harmony Biosciences from $25.00 to $28.00 and gave the company a “sell” rating in a report on Tuesday, January 9th. Finally, Mizuho reduced their target price on shares of Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Harmony Biosciences has an average rating of “Moderate Buy” and a consensus price target of $40.63.

Insider Activity

In other Harmony Biosciences news, insider Jeffrey Dierks sold 11,979 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $32.00, for a total value of $383,328.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 30.80% of the company’s stock.

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.