Bank of America Corp DE Buys New Shares in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Bank of America initiated a 90,032-share position in Harmony Biosciences valued at approximately $3.28 million. Institutional investors collectively own 86.23% of the company.
• Analyst sentiment is mixed, with five Buy, five Hold, and one Sell rating; the average price target is $47.11 versus the reported share price of $39.29.
• Harmony Biosciences exceeded quarterly expectations, reporting $1.28 in EPS versus a $0.96 consensus and $261.28 million in revenue, up 30.3% year over year. An insider also sold 35,852 shares for approximately $1.54 million.

Bank of America Corp DE purchased a new stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 90,032 shares of the company's stock, valued at approximately $3,278,000. Bank of America Corp DE owned approximately 0.15% of Harmony Biosciences 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. Freestone Grove Partners LP purchased a new stake in Harmony Biosciences during the 2nd quarter valued at about $1,122,000. Man Group plc acquired a new stake in shares of Harmony Biosciences during the second quarter worth about $5,186,000. Jupiter Topco LLC purchased a new stake in Harmony Biosciences in the second quarter valued at approximately $3,741,000. Hsbc Holdings PLC purchased a new stake in Harmony Biosciences in the second quarter valued at approximately $963,000. Finally, PDT Partners LLC acquired a new position in Harmony Biosciences in the 2nd quarter worth approximately $977,000. Hedge funds and other institutional investors own 86.23% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HRMY. Mizuho increased their price objective on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price target on shares of Harmony Biosciences in a report on Thursday, July 16th. Zacks Research downgraded Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. UBS Group reiterated a "neutral" rating and set a $37.00 price objective on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $39.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $47.11.

Harmony Biosciences Price Performance

NASDAQ:HRMY opened at $39.29 on Wednesday. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences Holdings, Inc. has a 52 week low of $25.52 and a 52 week high of $43.49. The stock's 50-day moving average price is $39.43 and its 200-day moving average price is $34.38. The stock has a market capitalization of $2.29 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.37 and a beta of 0.93.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.32. The company had revenue of $261.28 million during the quarter, compared to analysts' expectations of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%.Harmony Biosciences's quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 EPS. As a group, equities analysts expect that Harmony Biosciences Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Insider Transactions at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of the business's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider owned 13,115 shares of the company's stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is currently owned by company insiders.

Harmony Biosciences Profile

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and commercializing therapies for patients with rare neurological disorders. The company was founded in 2017 and is headquartered in Plymouth Meeting, Pennsylvania, with an emphasis on conditions that are often underserved by traditional pharmaceutical research.

Harmony's principal product is WAKIX (pitolisant), a first-in-class histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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