Bank of New York Mellon Corp Buys Shares of 272,926 Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Bank of New York Mellon purchased 272,926 Harmony Biosciences shares worth approximately $9.94 million, giving it a 0.47% stake; institutional investors collectively own 86.23% of the company.
• Analyst sentiment is mixed but generally positive: five analysts rate HRMY a Buy, five Hold, and one Sell, with an average price target of $47.11. Wolfe Research initiated coverage with an Outperform rating and a $60 target.
• Harmony reported quarterly EPS of $1.28, beating estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million. Shares opened at $42.86, near their 12-month high of $43.02.

Bank of New York Mellon Corp bought a new stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 272,926 shares of the company's stock, valued at approximately $9,937,000. Bank of New York Mellon Corp owned about 0.47% of Harmony Biosciences at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of HRMY. Amundi grew its holdings in Harmony Biosciences by 115.6% during the 1st quarter. Amundi now owns 39,668 shares of the company's stock worth $1,229,000 after acquiring an additional 21,266 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Harmony Biosciences by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,651 shares of the company's stock valued at $752,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC bought a new position in shares of Harmony Biosciences in the 1st quarter worth $2,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Harmony Biosciences by 53.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 95,389 shares of the company's stock worth $3,166,000 after purchasing an additional 33,058 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Harmony Biosciences by 9.8% during the second quarter. Cetera Investment Advisers now owns 8,404 shares of the company's stock worth $266,000 after purchasing an additional 748 shares during the period. Institutional investors and hedge funds own 86.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wolfe Research began coverage on Harmony Biosciences in a report on Wednesday, August 26th. They issued an "outperform" rating and a $60.00 price objective for the company. Oppenheimer restated an "outperform" rating and set a $70.00 target price on shares of Harmony Biosciences in a report on Tuesday, August 4th. Wall Street Zen upgraded Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Weiss Ratings raised Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 17th. Finally, Mizuho lifted 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. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $47.11.

Harmony Biosciences Price Performance

Shares of HRMY opened at $42.86 on Thursday. The stock has a market capitalization of $2.50 billion, a P/E ratio of 13.92, a P/E/G ratio of 0.38 and a beta of 0.93. Harmony Biosciences Holdings, Inc. has a twelve month low of $25.52 and a twelve month high of $43.02. The company has a 50 day moving average of $37.31 and a 200-day moving average of $32.89. 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 (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The firm had revenue of $261.28 million for the quarter, compared to analysts' expectations of $250.77 million. During the same period in the previous year, the firm posted $0.92 EPS. The company's revenue for the quarter was up 30.3% on a year-over-year basis. As a group, equities research analysts forecast that Harmony Biosciences Holdings, Inc. will post 3.77 EPS for the current fiscal year.

Harmony Biosciences Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company's mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company's flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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