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

JPMorgan Chase & Co. lowered its position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) by 10.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,008 shares of the company’s stock after selling 19,842 shares during the quarter. JPMorgan Chase & Co. owned 0.30% of Harmony Biosciences worth $4,796,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC grew its stake in Harmony Biosciences by 500.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 20,233 shares of the company’s stock valued at $558,000 after acquiring an additional 16,865 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Harmony Biosciences during the third quarter worth about $686,000. Danske Bank A S purchased a new stake in shares of Harmony Biosciences in the third quarter valued at about $466,000. Caxton Associates LLP purchased a new stake in shares of Harmony Biosciences in the third quarter valued at about $453,000. Finally, XTX Topco Ltd grew its position in shares of Harmony Biosciences by 369.8% in the third quarter. XTX Topco Ltd now owns 43,467 shares of the company’s stock valued at $1,198,000 after purchasing an additional 34,215 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Insider Buying and Selling at Harmony Biosciences

In other news, CFO Sandip Kapadia sold 20,961 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.92, for a total transaction of $752,919.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 23.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on HRMY. Bank of America dropped their price objective on shares of Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating for the company in a research note on Wednesday, February 25th. Zacks Research cut Harmony Biosciences from a “hold” rating to a “strong sell” rating in a report on Thursday, March 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Harmony Biosciences in a research report on Monday, December 29th. Wall Street Zen cut Harmony Biosciences from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, UBS Group reduced their price objective on Harmony Biosciences from $46.00 to $36.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $42.67.

Harmony Biosciences Stock Performance

NASDAQ:HRMY opened at $27.74 on Friday. The firm has a 50 day simple moving average of $31.50 and a 200-day simple moving average of $32.69. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.60 and a quick ratio of 3.58. The firm has a market cap of $1.60 billion, a PE ratio of 10.24, a P/E/G ratio of 0.38 and a beta of 0.89. Harmony Biosciences Holdings, Inc. has a 1-year low of $25.52 and a 1-year high of $40.87.

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

Harmony Biosciences Profile

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.