Engineers Gate Manager LP Lowers Position in Harmony Biosciences Holdings, Inc. $HRMY

Engineers Gate Manager LP lessened its holdings in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 31.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,797 shares of the company’s stock after selling 50,828 shares during the quarter. Engineers Gate Manager LP owned about 0.19% of Harmony Biosciences worth $4,034,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of HRMY. BlackRock Inc. purchased a new stake in Harmony Biosciences in the second quarter valued at approximately $258,583,000. Dimensional Fund Advisors LP lifted its position 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 valued at $58,157,000 after purchasing an additional 245,784 shares during the last quarter. California State Teachers Retirement System grew its stake in Harmony Biosciences by 3,455.0% in the 2nd quarter. California State Teachers Retirement System now owns 2,059,313 shares of the company’s stock worth $74,980,000 after buying an additional 2,001,385 shares in the last quarter. SG Americas Securities LLC grew its stake in Harmony Biosciences by 109.9% in the 1st quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock worth $56,529,000 after buying an additional 1,056,507 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Harmony Biosciences by 0.5% in the 4th quarter. State Street Corp now owns 1,661,850 shares of the company’s stock worth $62,186,000 after buying an additional 8,246 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $39.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Weiss Ratings raised Harmony Biosciences from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, August 17th. Mizuho raised their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen raised Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Finally, Truist Financial lifted their price target on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $47.11.

Insiders Place Their Bets

In related news, insider Kumar Budur sold 28,454 shares of the stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $42.96, for a total transaction of $1,222,383.84. Following the completion of the sale, the insider directly owned 13,115 shares in the company, valued at $563,420.40. This represents a 68.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.00% of the stock is owned by corporate insiders.

Harmony Biosciences Price Performance

Shares of NASDAQ:HRMY opened at $41.52 on Friday. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.42 billion, a PE ratio of 13.48, a PEG ratio of 0.38 and a beta of 0.93. The company’s fifty day moving average is $38.12 and its 200 day moving average is $33.25. Harmony Biosciences Holdings, Inc. has a 52 week low of $25.52 and a 52 week high of $43.49.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.32. The business had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The company’s revenue was up 30.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 earnings per share. Research analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.77 earnings per share for the current year.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and commercializing therapies for patients with rare neurological disorders. The company was founded in 2017 and is headquartered in Plymouth Meeting, Pennsylvania, with an emphasis on conditions that are often underserved by traditional pharmaceutical research.

Harmony’s principal product is WAKIX (pitolisant), a first-in-class histamine H3 receptor antagonist/inverse agonist approved by the U.S.