Millennium Management LLC Reduces Stock Position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Millennium Management LLC lessened its position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 91.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,333 shares of the company's stock after selling 64,478 shares during the period. Millennium Management LLC's holdings in Harmony Biosciences were worth $218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Deep Track Capital LP bought a new stake in Harmony Biosciences in the fourth quarter valued at $49,894,000. Vanguard Group Inc. increased its stake in Harmony Biosciences by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company's stock valued at $162,883,000 after purchasing an additional 1,262,362 shares in the last quarter. Marshall Wace LLP raised its holdings in Harmony Biosciences by 165.2% during the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company's stock worth $31,992,000 after buying an additional 579,103 shares during the last quarter. Norges Bank acquired a new stake in shares of Harmony Biosciences in the 4th quarter worth about $16,118,000. Finally, Invesco Ltd. boosted its position in shares of Harmony Biosciences by 173.9% during the fourth quarter. Invesco Ltd. now owns 449,180 shares of the company's stock valued at $15,456,000 after buying an additional 285,156 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. UBS Group cut their target price on Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. HC Wainwright reissued a "buy" rating and issued a $70.00 price target on shares of Harmony Biosciences in a report on Tuesday, April 8th. Cantor Fitzgerald raised Harmony Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Mizuho boosted their price objective on Harmony Biosciences from $44.00 to $48.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Finally, Oppenheimer initiated coverage on Harmony Biosciences in a report on Monday, June 2nd. They issued an "outperform" rating and a $61.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $53.00.

Harmony Biosciences Price Performance

Shares of HRMY traded down $1.81 during mid-day trading on Thursday, reaching $33.33. 1,095,526 shares of the stock traded hands, compared to its average volume of 620,702. Harmony Biosciences Holdings, Inc. has a 1 year low of $26.47 and a 1 year high of $41.61. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 0.47 and a beta of 0.87. The firm has a fifty day moving average price of $32.14 and a 200 day moving average price of $34.09.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.19. The business had revenue of $184.73 million during the quarter, compared to analyst estimates of $184.26 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences's revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share. As a group, equities research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share 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.