Spire Wealth Management Makes New Investment in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Spire Wealth Management bought a new stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 22,118 shares of the company’s stock, valued at approximately $700,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its position in Harmony Biosciences by 95.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,533 shares of the company’s stock valued at $50,000 after purchasing an additional 748 shares during the last quarter. Oakworth Capital Inc. bought a new stake in Harmony Biosciences during the third quarter worth approximately $150,000. ELCO Management Co. LLC purchased a new stake in Harmony Biosciences during the third quarter valued at approximately $210,000. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Harmony Biosciences in the 4th quarter valued at approximately $210,000. Finally, Raymond James & Associates purchased a new position in shares of Harmony Biosciences in the 3rd quarter worth approximately $216,000. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Price Performance

Shares of HRMY stock opened at $31.70 on Thursday. The company’s 50-day simple moving average is $31.06 and its two-hundred day simple moving average is $30.34. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.11 and a quick ratio of 3.07. Harmony Biosciences Holdings, Inc. has a one year low of $18.61 and a one year high of $39.26. The company has a market capitalization of $1.80 billion, a P/E ratio of 13.72, a P/E/G ratio of 0.51 and a beta of 0.75.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. The company had revenue of $154.62 million for the quarter, compared to analysts’ expectations of $154.10 million. Harmony Biosciences had a return on equity of 28.26% and a net margin of 22.30%. Harmony Biosciences’s revenue was up 29.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.48 earnings per share. As a group, equities analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.53 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on HRMY. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $49.00 price objective on shares of Harmony Biosciences in a research note on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, April 30th. Finally, Mizuho dropped their target price on Harmony Biosciences from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.63.

Insider Activity

In other news, insider Jeffrey Dierks sold 11,979 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $32.00, for a total value of $383,328.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 30.80% of the company’s stock.

Harmony Biosciences Profile

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.