Rafferty Asset Management LLC Acquires New Shares in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Rafferty Asset Management LLC bought a new stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,105 shares of the company's stock, valued at approximately $279,000.

Several other hedge funds and other institutional investors have also bought and sold shares of HRMY. KBC Group NV boosted its position in shares of Harmony Biosciences by 79.9% in 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 in the last quarter. PNC Financial Services Group Inc. lifted its position in Harmony Biosciences by 28.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company's stock worth $80,000 after acquiring an additional 519 shares during the period. Summit Investment Advisors Inc. lifted its position in Harmony Biosciences by 34.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,987 shares of the company's stock worth $137,000 after acquiring an additional 1,029 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Harmony Biosciences by 66.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 4,214 shares of the company's stock valued at $146,000 after buying an additional 1,681 shares during the last quarter. Finally, Quantbot Technologies LP raised its stake in shares of Harmony Biosciences by 219.8% during the 4th quarter. Quantbot Technologies LP now owns 5,926 shares of the company's stock valued at $204,000 after buying an additional 4,073 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

Wall Street Analyst Weigh In

HRMY has been the subject of several recent analyst reports. Cantor Fitzgerald upgraded Harmony Biosciences to a "strong-buy" rating in a research note on Tuesday, May 13th. UBS Group lowered their price objective on Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a report on Tuesday, February 11th. They issued a "buy" rating and a $55.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and issued a $70.00 price objective on shares of Harmony Biosciences in a report on Tuesday, April 8th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $49.00 price objective on shares of Harmony Biosciences in a report on Tuesday, May 6th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Harmony Biosciences has an average rating of "Buy" and a consensus target price of $52.78.

Harmony Biosciences Price Performance

Shares of Harmony Biosciences stock traded down $0.38 on Tuesday, hitting $33.79. 558,046 shares of the company were exchanged, compared to its average volume of 601,903. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 0.47 and a beta of 0.82. The company has a 50-day moving average price of $31.57 and a 200 day moving average price of $34.00. Harmony Biosciences Holdings, Inc. has a 1-year low of $26.47 and a 1-year high of $41.61. 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 (NASDAQ:HRMY - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.19. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business had revenue of $184.73 million for the quarter, compared to analysts' expectations of $184.26 million. During the same period in the previous year, the firm posted $0.67 EPS. The business's revenue for the quarter was up 19.5% compared to the same quarter last year. As a group, sell-side analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share 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.