Wedge Capital Management L L P NC Buys New Position in Harmony Biosciences Holdings, Inc. $HRMY

Wedge Capital Management L L P NC purchased a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 88,897 shares of the company’s stock, valued at approximately $3,327,000. Wedge Capital Management L L P NC owned 0.15% of Harmony Biosciences at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. SG Americas Securities LLC lifted its position in shares of Harmony Biosciences by 4,102.4% during the fourth quarter. SG Americas Securities LLC now owns 961,667 shares of the company’s stock worth $35,986,000 after purchasing an additional 938,783 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Harmony Biosciences in the fourth quarter valued at approximately $655,000. CWA Asset Management Group LLC increased its stake in Harmony Biosciences by 3.6% during the 4th quarter. CWA Asset Management Group LLC now owns 40,117 shares of the company’s stock worth $1,501,000 after buying an additional 1,384 shares during the period. City Center Advisors LLC increased its stake in Harmony Biosciences by 42.4% during the 4th quarter. City Center Advisors LLC now owns 11,409 shares of the company’s stock worth $427,000 after buying an additional 3,397 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in Harmony Biosciences by 500.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 20,233 shares of the company’s stock worth $558,000 after buying an additional 16,865 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Price Performance

HRMY stock opened at $26.54 on Monday. The business has a 50 day moving average price of $32.20 and a 200 day moving average price of $32.83. The company has a quick ratio of 3.58, a current ratio of 3.60 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 0.36 and a beta of 0.88. Harmony Biosciences Holdings, Inc. has a fifty-two week low of $25.52 and a fifty-two week high of $40.87.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, February 24th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.46). Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The company had revenue of $243.78 million for the quarter, compared to analyst estimates of $240.04 million. During the same period in the previous year, the business posted $0.85 EPS. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year. Equities research analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Sandip Kapadia sold 3,746 shares of the business’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $37.15, for a total value of $139,163.90. Following the completion of the sale, the chief financial officer directly owned 24,521 shares of the company’s stock, valued at $910,955.15. The trade was a 13.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 23.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

HRMY has been the subject of several research reports. Zacks Research downgraded shares of Harmony Biosciences from a “hold” rating to a “strong sell” rating in a research note on Thursday. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a report on Wednesday, February 25th. Wall Street Zen cut Harmony Biosciences from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial lowered Harmony Biosciences from a “buy” rating to a “hold” rating in a research report on Monday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft cut Harmony Biosciences from a “buy” rating to a “hold” rating and set a $31.00 price objective for the company. in a research note on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $42.67.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.