JPMorgan Chase & Co. Lowers Holdings in Harmony Biosciences Holdings, Inc. $HRMY

JPMorgan Chase & Co. lowered its stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 10.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 174,008 shares of the company’s stock after selling 19,842 shares during the quarter. JPMorgan Chase & Co.’s holdings in Harmony Biosciences were worth $4,796,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Thrivent Financial for Lutherans grew its holdings in Harmony Biosciences by 1.2% in the third quarter. Thrivent Financial for Lutherans now owns 28,639 shares of the company’s stock valued at $789,000 after purchasing an additional 348 shares during the period. Nebula Research & Development LLC increased its position in Harmony Biosciences by 2.0% during the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock worth $550,000 after purchasing an additional 348 shares during the last quarter. Amalgamated Bank raised its stake in Harmony Biosciences by 3.8% during the third quarter. Amalgamated Bank now owns 11,328 shares of the company’s stock worth $312,000 after purchasing an additional 417 shares during the period. Profund Advisors LLC raised its stake in Harmony Biosciences by 5.1% during the third quarter. Profund Advisors LLC now owns 10,803 shares of the company’s stock worth $298,000 after purchasing an additional 520 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Harmony Biosciences by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock valued at $717,000 after purchasing an additional 532 shares during the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 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 transaction of $139,163.90. Following the transaction, the chief financial officer directly owned 24,521 shares of the company’s stock, valued at approximately $910,955.15. The trade was a 13.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 23.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Harmony Biosciences in a research note on Monday, December 29th. Bank of America reduced their target price on Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Wednesday, February 25th. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Harmony Biosciences in a research report on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft lowered Harmony Biosciences from a “buy” rating to a “hold” rating and set a $31.00 price target for the company. in a research note on Monday, February 23rd. Finally, UBS Group cut their price objective on Harmony Biosciences from $46.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.67.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $27.74 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.60 and a quick ratio of 3.58. Harmony Biosciences Holdings, Inc. has a 1-year low of $25.52 and a 1-year high of $40.87. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 0.38 and a beta of 0.89. The business has a 50-day moving average of $31.50 and a 200-day moving average of $32.69.

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

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.