KLP Kapitalforvaltning AS Invests $791,000 in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

KLP Kapitalforvaltning AS purchased a new stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 23,000 shares of the company’s stock, valued at approximately $791,000.

Several other hedge funds have also added to or reduced their stakes in the business. Hillsdale Investment Management Inc. raised its position in shares of Harmony Biosciences by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company’s stock valued at $2,340,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC grew its stake in Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock valued at $31,000 after buying an additional 436 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Harmony Biosciences by 28.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock valued at $80,000 after buying an additional 519 shares during the last quarter. New York State Teachers Retirement System raised its holdings in Harmony Biosciences by 2.6% in the 4th quarter. New York State Teachers Retirement System now owns 31,693 shares of the company’s stock valued at $1,091,000 after acquiring an additional 809 shares during the period. Finally, KBC Group NV lifted its position in Harmony Biosciences by 79.9% during the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after acquiring an additional 819 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Insider Activity

In related news, insider Jeffrey Dierks sold 10,507 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total transaction of $388,864.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.13, for a total transaction of $774,228.09. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,452 shares of company stock worth $2,831,679. Insiders own 30.80% of the company’s stock.

Harmony Biosciences Stock Performance

Shares of Harmony Biosciences stock opened at $33.19 on Tuesday. 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 Holdings, Inc. has a 12-month low of $28.14 and a 12-month high of $41.61. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 0.47 and a beta of 0.82. The firm’s 50-day moving average price is $35.90 and its two-hundred day moving average price is $35.44.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.11. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $201.30 million for the quarter, compared to analyst estimates of $201.25 million. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. On average, analysts forecast that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft started coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 target price on the stock. HC Wainwright dropped their target price on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Finally, Mizuho raised their price target on shares of Harmony Biosciences from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 18th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Harmony Biosciences has a consensus rating of “Buy” and a consensus target price of $53.33.

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.