Harmony Biosciences Holdings, Inc. $HRMY Stock Position Trimmed by CX Institutional

Key Points

• CX Institutional cut its Harmony Biosciences stake by 16% in the third quarter, selling 41,614 shares and retaining 217,882 shares worth approximately $8.6 million. Institutional investors collectively own 86.23% of HRMY.
• Analyst sentiment is mixed: five analysts rate HRMY a Buy, five rate it Hold, and one rates it Sell. The stock has an average rating of Hold and an average price target of $47.44, compared with its recent price of $39.64.
• Harmony reported stronger-than-expected quarterly results, with earnings of $1.28 per share and revenue of $261.28 million, up 30.3% year over year. Separately, insiders have sold 72,406 shares worth about $3.1 million over the past 90 days.

CX Institutional lessened its holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 16.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 217,882 shares of the company's stock after selling 41,614 shares during the quarter. CX Institutional owned 0.37% of Harmony Biosciences worth $8,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Harmony Biosciences in the 2nd quarter worth about $258,583,000. Dimensional Fund Advisors LP increased its holdings in Harmony Biosciences by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company's stock worth $58,157,000 after buying an additional 245,784 shares during the last quarter. SG Americas Securities LLC raised its position in Harmony Biosciences by 109.9% in the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company's stock worth $56,529,000 after acquiring an additional 1,056,507 shares during the period. Renaissance Technologies LLC raised its position in Harmony Biosciences by 0.6% in the first quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company's stock worth $30,177,000 after acquiring an additional 6,900 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in Harmony Biosciences by 32.9% in the fourth quarter. BNP Paribas Financial Markets now owns 525,145 shares of the company's stock valued at $19,651,000 after acquiring an additional 130,001 shares during the last quarter. 86.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

HRMY has been the subject of a number of research reports. Wall Street Zen raised shares of Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $42.00 price objective on shares of Harmony Biosciences in a report on Thursday. UBS Group restated a "neutral" rating and issued a $37.00 target price on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Zacks Research cut Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Finally, Wolfe Research started coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They set an "outperform" rating and a $60.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $47.44.

Insiders Place Their Bets

In related news, insider Kumar Budur sold 35,852 shares of the company's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $43.05, for a total transaction of $1,543,428.60. Following the sale, the insider owned 13,115 shares of the company's stock, valued at approximately $564,600.75. This represents a 73.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 72,406 shares of company stock worth $3,108,520. Corporate insiders own 11.00% of the company's stock.

Harmony Biosciences Stock Performance

Shares of NASDAQ:HRMY traded up $0.07 during midday trading on Friday, reaching $39.64. 867,931 shares of the company traded hands, compared to its average volume of 868,715. The firm's fifty day moving average price is $39.59 and its two-hundred day moving average price is $34.54. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 0.36 and a beta of 1.01. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences Holdings, Inc. has a 12 month low of $25.52 and a 12 month high of $43.49.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%.The firm had revenue of $261.28 million for the quarter, compared to analysts' expectations of $250.77 million. During the same period in the prior year, the business posted $0.92 earnings per share. The company's revenue was up 30.3% on a year-over-year basis. On average, equities analysts expect that Harmony Biosciences Holdings, Inc. will post 3.79 earnings per share for the current year.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company's activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony's principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.

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