Arizona State Retirement System Acquires 2,530 Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Arizona State Retirement System lifted its holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 28.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,524 shares of the company’s stock after buying an additional 2,530 shares during the quarter. Arizona State Retirement System’s holdings in Harmony Biosciences were worth $397,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC raised 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 buying an additional 436 shares during the last quarter. Mendota Financial Group LLC raised 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 buying an additional 965 shares during the last quarter. KBC Group NV raised its holdings in Harmony Biosciences by 79.9% during the 4th quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after purchasing an additional 819 shares during the last quarter. Quantbot Technologies LP bought a new stake in Harmony Biosciences during the 3rd quarter worth about $74,000. Finally, Avanza Fonder AB bought a new stake in Harmony Biosciences during the 4th quarter worth about $145,000. 86.23% of the stock is owned by institutional investors.

Insider Activity at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 1,123 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.00, for a total transaction of $44,920.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The disclosure for this sale can be found here. In the last three months, insiders sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Mizuho dropped their price objective on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. HC Wainwright dropped their price objective on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective on shares of Harmony Biosciences in a report on Tuesday, February 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 target price for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Buy” and a consensus price target of $53.11.

Harmony Biosciences Price Performance

Shares of HRMY opened at $32.72 on Friday. 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 stock has a 50 day simple moving average of $36.40 and a 200 day simple moving average of $35.63. Harmony Biosciences Holdings, Inc. has a 52-week low of $28.14 and a 52-week high of $41.61. The firm has a market capitalization of $1.88 billion, a PE ratio of 15.51, a P/E/G ratio of 0.47 and a beta of 0.82.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $201.25 million. During the same period in the previous year, the firm earned $0.45 EPS. Harmony Biosciences’s quarterly revenue was up 19.5% compared to the same quarter last year. Sell-side analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal 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.