Wellington Management Group LLP Takes Position in Harmony Biosciences Holdings, Inc. $HRMY

Wellington Management Group LLP purchased a new stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 16,310 shares of the company’s stock, valued at approximately $594,000.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in Harmony Biosciences by 589.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock worth $28,000 after buying an additional 643 shares during the last quarter. Leonteq Securities AG acquired a new stake in shares of Harmony Biosciences in the 4th quarter worth $30,000. Allworth Financial LP increased its stake in shares of Harmony Biosciences by 286.7% in the 4th quarter. Allworth Financial LP now owns 812 shares of the company’s stock worth $30,000 after acquiring an additional 602 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Harmony Biosciences by 145.9% during the 4th quarter. Clearstead Advisors LLC now owns 1,178 shares of the company’s stock worth $44,000 after acquiring an additional 699 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of Harmony Biosciences during the 4th quarter worth $47,000. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on HRMY. Zacks Research cut shares of Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Truist Financial lifted their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Harmony Biosciences in a report on Thursday, July 16th. UBS Group reiterated a “neutral” rating and issued a $37.00 target price on shares of Harmony Biosciences in a report on Wednesday, August 5th. Finally, Needham & Company LLC increased their price target on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $47.11.

Harmony Biosciences Stock Up 1.0%

Shares of NASDAQ:HRMY opened at $41.52 on Friday. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.38 and a beta of 0.93. Harmony Biosciences Holdings, Inc. has a 12-month low of $25.52 and a 12-month high of $43.49. The business has a 50-day moving average price of $38.12 and a 200 day moving average price of $33.25. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13.

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

Insider Activity

In other news, insider Kumar Budur sold 28,454 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $42.96, for a total value of $1,222,383.84. Following the sale, the insider directly owned 13,115 shares of the company’s stock, valued at approximately $563,420.40. The trade was a 68.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.00% of the company’s stock.

Harmony Biosciences Profile

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.