Canada Pension Plan Investment Board Takes $1.21 Million Position in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Canada Pension Plan Investment Board acquired 33,200 shares of Harmony Biosciences worth approximately $1.21 million, while institutional investors collectively own 86.23% of the company.
• Harmony Biosciences reported stronger-than-expected quarterly results, with EPS of $1.28 versus the $0.96 consensus estimate and revenue of $261.28 million, up 30.3% year over year.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $47.11 price target, compared with its reported opening price of $39.38.

Canada Pension Plan Investment Board acquired a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 33,200 shares of the company's stock, valued at approximately $1,209,000. Canada Pension Plan Investment Board owned about 0.06% of Harmony Biosciences at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Harmony Biosciences during the 2nd quarter worth about $258,583,000. SG Americas Securities LLC boosted its position in shares of Harmony Biosciences by 109.9% during the 1st quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company's stock worth $56,529,000 after acquiring an additional 1,056,507 shares in the last quarter. Armistice Capital LLC purchased a new position in shares of Harmony Biosciences in the 4th quarter valued at about $18,710,000. AQR Capital Management LLC increased its holdings in shares of Harmony Biosciences by 128.9% in the 4th quarter. AQR Capital Management LLC now owns 813,889 shares of the company's stock valued at $30,456,000 after acquiring an additional 458,321 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Harmony Biosciences by 42.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company's stock valued at $35,701,000 after acquiring an additional 388,472 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

Harmony Biosciences Stock Performance

NASDAQ HRMY opened at $39.38 on Tuesday. The firm has a market cap of $2.29 billion, a P/E ratio of 12.79, a P/E/G ratio of 0.36 and a beta of 0.96. Harmony Biosciences Holdings, Inc. has a 52-week low of $25.52 and a 52-week high of $40.87. The business's 50-day moving average price is $37.00 and its 200 day moving average price is $32.80. 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 posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%.The firm had revenue of $261.28 million during the quarter, compared to the consensus estimate of $250.77 million. During the same period in the prior year, the business earned $0.92 EPS. The firm's revenue was up 30.3% compared to the same quarter last year. On average, equities research analysts expect that Harmony Biosciences Holdings, Inc. will post 3.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

HRMY has been the subject of several recent analyst reports. Wall Street Zen upgraded Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Mizuho increased their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings raised shares of Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, August 17th. UBS Group restated a "neutral" rating and set a $37.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $39.00 target price on shares of Harmony Biosciences in a report on Wednesday, August 5th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Harmony Biosciences currently has a consensus rating of "Hold" and a consensus target price of $47.11.

Harmony Biosciences Company 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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