Alberta Investment Management Corp Has $2.01 Million Stock Holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Key Points

• Alberta Investment Management Corp increased its stake in Harmony Biosciences by 57.0% during the first quarter, holding approximately $2.01 million worth of stock.
• Several institutional investors, including Vanguard Group Inc. and Marshall Wace LLP, significantly increased their positions in Harmony Biosciences, contributing to a total of 86.23% institutional ownership.
• Wall Street analysts have a positive outlook, with eight analysts rating the stock as a buy and an average target price of $51.00 for Harmony Biosciences.

Alberta Investment Management Corp raised its stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 57.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 60,600 shares of the company's stock after acquiring an additional 22,000 shares during the quarter. Alberta Investment Management Corp owned approximately 0.11% of Harmony Biosciences worth $2,011,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Deep Track Capital LP acquired a new stake in shares of Harmony Biosciences in the fourth quarter valued at $49,894,000. Vanguard Group Inc. increased its stake in shares of Harmony Biosciences by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company's stock valued at $162,883,000 after buying an additional 1,262,362 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company's stock valued at $31,992,000 after buying an additional 579,103 shares in the last quarter. Norges Bank acquired a new stake in shares of Harmony Biosciences in the fourth quarter valued at $16,118,000. Finally, Invesco Ltd. increased its stake in shares of Harmony Biosciences by 173.9% in the fourth quarter. Invesco Ltd. now owns 449,180 shares of the company's stock valued at $15,456,000 after buying an additional 285,156 shares in the last quarter. 86.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HRMY. Mizuho raised their target price on Harmony Biosciences from $44.00 to $48.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. UBS Group lowered their price objective on Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, April 28th. HC Wainwright reiterated a "buy" rating and issued a $70.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, April 8th. Truist Financial initiated coverage on Harmony Biosciences in a research report on Monday, July 21st. They issued a "buy" rating and a $48.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Harmony Biosciences in a research report on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Harmony Biosciences currently has an average rating of "Buy" and an average target price of $51.00.

Harmony Biosciences Trading Up 3.3%

Shares of Harmony Biosciences stock traded up $1.14 during trading on Monday, hitting $35.54. 672,924 shares of the company were exchanged, compared to its average volume of 606,029. The firm has a market capitalization of $2.04 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 0.47 and a beta of 0.84. Harmony Biosciences Holdings, Inc. has a 1-year low of $26.47 and a 1-year high of $41.61. The firm's fifty day moving average price is $34.09 and its 200 day moving average price is $33.93. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.67 and a quick ratio of 3.63.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.19. The company had revenue of $184.73 million during the quarter, compared to analyst estimates of $184.26 million. Harmony Biosciences had a return on equity of 24.32% and a net margin of 20.53%. The company's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.67 EPS. As a group, sell-side analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Harmony Biosciences Company 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.