Dimensional Fund Advisors LP Buys 245,784 Shares of Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Dimensional Fund Advisors increased its Harmony Biosciences stake by 13.4% in the first quarter, adding 245,784 shares to own 2.08 million shares valued at approximately $58.2 million, or 3.59% of the company.
• Harmony reported quarterly EPS of $0.55, below the $0.76 consensus estimate, while revenue reached $215.4 million, up 16.6% year over year but slightly below expectations.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $42.62, compared with the stock’s reported price of $35.24.

Dimensional Fund Advisors LP grew its stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 13.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,076,510 shares of the company's stock after acquiring an additional 245,784 shares during the quarter. Dimensional Fund Advisors LP owned 3.59% of Harmony Biosciences worth $58,157,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of HRMY. SEB Asset Management AB acquired a new stake in shares of Harmony Biosciences in the 1st quarter valued at approximately $1,135,000. Financiere des Professionnels Fonds d investissement inc. acquired a new position in Harmony Biosciences during the first quarter valued at approximately $294,000. SteelPeak Wealth LLC acquired a new position in Harmony Biosciences during the first quarter valued at approximately $448,000. Allspring Global Investments Holdings LLC increased its stake in Harmony Biosciences by 750.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 176,219 shares of the company's stock valued at $4,927,000 after purchasing an additional 155,494 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in Harmony Biosciences by 3.8% in the first quarter. Illinois Municipal Retirement Fund now owns 20,020 shares of the company's stock valued at $561,000 after purchasing an additional 727 shares in the last quarter. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $35.24 on Friday. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.33 and a beta of 0.94. Harmony Biosciences Holdings, Inc. has a 12 month low of $25.52 and a 12 month high of $40.87. The firm has a fifty day simple moving average of $34.48 and a 200 day simple moving average of $32.56. The company has a current ratio of 3.58, a quick ratio of 3.56 and a debt-to-equity ratio of 0.15.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.21). Harmony Biosciences had a net margin of 16.20% and a return on equity of 17.19%. The business had revenue of $215.39 million during the quarter, compared to analyst estimates of $220.84 million. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The firm's quarterly revenue was up 16.6% on a year-over-year basis. Research analysts forecast that Harmony Biosciences Holdings, Inc. will post 3.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Mizuho increased their target price on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday. Zacks Research raised shares of Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. HC Wainwright restated a "buy" rating and issued a $55.00 price objective on shares of Harmony Biosciences in a research report on Thursday, July 16th. Weiss Ratings raised Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Finally, Truist Financial lifted their target price on Harmony Biosciences from $25.00 to $29.00 and gave the stock a "hold" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $42.62.

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.

Want to see what other hedge funds are holding HRMY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.