Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Harmony Biosciences by 1,709.0% in the first quarter, owning 220,704 shares valued at approximately $7.3 million.
• Harmony Biosciences' stock price recently declined by 4.7%, reaching $35.76, while the company reported a 19.5% year-over-year revenue increase.
• Analysts have shown strong confidence in Harmony Biosciences, with multiple firms issuing a "buy" rating and raising price targets, including Cantor Fitzgerald with a "strong-buy" rating.

Allianz Asset Management GmbH grew its stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 1,709.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 220,704 shares of the company's stock after purchasing an additional 208,504 shares during the period. Allianz Asset Management GmbH owned approximately 0.38% of Harmony Biosciences worth $7,325,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Deep Track Capital LP purchased a new stake in Harmony Biosciences during the fourth quarter valued at approximately $49,894,000. Vanguard Group Inc. grew its position in Harmony Biosciences by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company's stock worth $162,883,000 after purchasing an additional 1,262,362 shares during the last quarter. Marshall Wace LLP lifted its stake in Harmony Biosciences by 165.2% during the 4th quarter. Marshall Wace LLP now owns 929,744 shares of the company's stock valued at $31,992,000 after acquiring an additional 579,103 shares during the period. Norges Bank acquired a new position in shares of Harmony Biosciences in the 4th quarter valued at $16,118,000. Finally, Invesco Ltd. grew its holdings in shares of Harmony Biosciences by 173.9% during the fourth quarter. Invesco Ltd. now owns 449,180 shares of the company's stock worth $15,456,000 after buying an additional 285,156 shares in the last quarter. Institutional investors own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HRMY shares. The Goldman Sachs Group initiated coverage on shares of Harmony Biosciences in a report on Thursday, July 10th. They issued a "neutral" rating and a $33.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $49.00 target price on shares of Harmony Biosciences in a report on Tuesday, May 6th. Cantor Fitzgerald raised Harmony Biosciences to a "strong-buy" rating in a research report on Tuesday, May 13th. Oppenheimer started coverage on Harmony Biosciences in a research report on Monday, June 2nd. They issued an "outperform" rating and a $61.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $55.00 price target (up from $54.00) on shares of Harmony Biosciences in a report on Thursday, July 10th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Harmony Biosciences has an average rating of "Buy" and a consensus target price of $51.00.

Harmony Biosciences Trading Up 0.1%

HRMY traded up $0.04 on Thursday, hitting $35.52. The company had a trading volume of 77,005 shares, compared to its average volume of 662,487. The company has a market cap of $2.04 billion, a PE ratio of 13.60, a PEG ratio of 0.46 and a beta of 0.83. Harmony Biosciences Holdings, Inc. has a 12-month low of $26.47 and a 12-month high of $41.61. The business's fifty day simple moving average is $34.07 and its 200 day simple moving average is $34.00. The company has a quick ratio of 3.63, a current ratio of 3.67 and a debt-to-equity ratio of 0.22.

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

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.