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

Summit Global Investments lowered its holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 4.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,263 shares of the company’s stock after selling 901 shares during the period. Summit Global Investments’ holdings in Harmony Biosciences were worth $771,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in HRMY. LSV Asset Management grew its position in Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after buying an additional 260,093 shares in the last quarter. American Century Companies Inc. increased its position in shares of Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock worth $20,562,000 after purchasing an additional 238,140 shares during the period. Renaissance Technologies LLC raised its stake in Harmony Biosciences by 56.7% in the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after purchasing an additional 215,700 shares in the last quarter. Capital Management Corp VA acquired a new position in Harmony Biosciences in the first quarter valued at about $7,018,000. Finally, Marshall Wace LLP lifted its position in Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock worth $9,220,000 after purchasing an additional 181,092 shares during the period. Institutional investors and hedge funds own 86.23% of the company’s stock.

Insider Transactions at Harmony Biosciences

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James restated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $52.00 target price on shares of Harmony Biosciences in a research note on Tuesday, October 29th. Cantor Fitzgerald lifted their price target on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group began coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.00.

Harmony Biosciences Stock Performance

NASDAQ HRMY opened at $36.08 on Friday. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 0.64 and a beta of 0.77. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. Harmony Biosciences Holdings, Inc. has a twelve month low of $22.89 and a twelve month high of $41.61. The stock has a fifty day simple moving average of $36.15 and a 200 day simple 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 for the quarter, beating the consensus estimate of $0.64 by $0.15. The company had revenue of $186.00 million during the quarter, compared to analysts’ expectations of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Sell-side 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.