Wellington Management Group LLP Cuts Position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Wellington Management Group LLP trimmed its holdings in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 40.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 15,642 shares of the company’s stock after selling 10,485 shares during the period. Wellington Management Group LLP’s holdings in Harmony Biosciences were worth $626,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in Harmony Biosciences during the second quarter valued at $138,000. nVerses Capital LLC bought a new position in shares of Harmony Biosciences during the second quarter valued at $36,000. Versor Investments LP purchased a new position in shares of Harmony Biosciences in the 2nd quarter worth about $549,000. Victory Capital Management Inc. boosted its stake in Harmony Biosciences by 54.1% in the 2nd quarter. Victory Capital Management Inc. now owns 84,964 shares of the company’s stock worth $2,563,000 after purchasing an additional 29,816 shares in the last quarter. Finally, LSV Asset Management grew its position in Harmony Biosciences by 72.5% during the 2nd quarter. LSV Asset Management now owns 578,246 shares of the company’s stock valued at $17,446,000 after purchasing an additional 243,100 shares during the last quarter. 86.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on HRMY. Mizuho lifted their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Raymond James restated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 10th. HC Wainwright began coverage on Harmony Biosciences in a research note on Tuesday. They set a “buy” rating and a $75.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a report on Tuesday, October 29th. Finally, Cantor Fitzgerald upped their price target on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $34.28 on Friday. Harmony Biosciences Holdings, Inc. has a one year low of $28.14 and a one year high of $41.61. The business has a fifty day moving average of $34.24 and a 200 day moving average of $34.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The firm has a market capitalization of $1.96 billion, a P/E ratio of 16.25, a PEG ratio of 0.60 and a beta of 0.79.

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

Insiders Place Their Bets

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 30.80% of the company’s stock.

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.