Louisiana State Employees Retirement System Cuts Stock Position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Louisiana State Employees Retirement System cut its holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 8.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,600 shares of the company’s stock after selling 1,400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Harmony Biosciences were worth $584,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in HRMY. LSV Asset Management increased its position in shares of Harmony Biosciences by 346.5% in the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock valued at $11,254,000 after buying an additional 260,093 shares in the last quarter. American Century Companies Inc. increased its position in shares of Harmony Biosciences by 53.7% during the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock worth $20,562,000 after purchasing an additional 238,140 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Harmony Biosciences by 56.7% during the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after purchasing an additional 215,700 shares in the last quarter. Capital Management Corp VA purchased a new stake in shares of Harmony Biosciences during the first quarter worth approximately $7,018,000. Finally, Marshall Wace LLP increased its position in shares of Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock worth $9,220,000 after purchasing an additional 181,092 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Jeffrey Dierks sold 21,496 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 30.80% of the company’s stock.

Harmony Biosciences Stock Up 1.1 %

Shares of NASDAQ:HRMY opened at $33.41 on Wednesday. Harmony Biosciences Holdings, Inc. has a 52-week low of $22.89 and a 52-week high of $41.61. The business has a fifty day moving average of $36.19 and a two-hundred day moving average of $33.23. The stock has a market cap of $1.91 billion, a P/E ratio of 15.83, a PEG ratio of 0.62 and a beta of 0.77. 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) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. During the same quarter in the prior year, the company posted $0.63 EPS. The company’s quarterly revenue was up 16.0% on a year-over-year basis. On average, research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

HRMY has been the subject of several research reports. Mizuho boosted their price target on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Cantor Fitzgerald boosted their price target on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Finally, UBS Group assumed coverage on Harmony Biosciences in a report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 target price for the company. Two research analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.00.

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.