Empowered Funds LLC Buys New Holdings in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Empowered Funds LLC acquired 114,538 shares of Harmony Biosciences in the second quarter, valued at approximately $4.17 million; institutional investors collectively own 86.23% of the company.
• Harmony reported strong quarterly results, with EPS of $1.28 surpassing the $0.96 consensus estimate and revenue rising 30.3% year over year to $261.28 million.
• HRMY recently traded at $39.38, near its 12-month high, while analysts maintain a consensus “Hold” rating and an average price target of $47.11.

Empowered Funds LLC bought a new position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 114,538 shares of the company's stock, valued at approximately $4,170,000. Empowered Funds LLC owned 0.20% of Harmony Biosciences at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Amundi raised its stake in shares of Harmony Biosciences by 115.6% in the 1st quarter. Amundi now owns 39,668 shares of the company's stock valued at $1,229,000 after buying an additional 21,266 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Harmony Biosciences by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,651 shares of the company's stock valued at $752,000 after acquiring an additional 984 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Harmony Biosciences by 53.0% during 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 valued at $3,166,000 after acquiring an additional 33,058 shares in the last quarter. Cetera Investment Advisers increased its stake in Harmony Biosciences by 9.8% in the second quarter. Cetera Investment Advisers now owns 8,404 shares of the company's stock valued at $266,000 after acquiring an additional 748 shares during the period. Finally, Norges Bank bought a new stake in Harmony Biosciences in the second quarter valued at about $351,000. Institutional investors and hedge funds own 86.23% of the company's stock.

Harmony Biosciences Stock Up 0.4%

HRMY opened at $39.38 on Tuesday. The firm's 50-day simple moving average is $37.00 and its 200-day simple moving average is $32.80. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. Harmony Biosciences Holdings, Inc. has a twelve month low of $25.52 and a twelve month high of $40.87. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.36 and a beta of 0.96.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The business had revenue of $261.28 million during the quarter, compared to analysts' expectations of $250.77 million. During the same quarter last year, the company posted $0.92 EPS. The firm's revenue for the quarter was up 30.3% on a year-over-year basis. Equities research analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HRMY has been the subject of several recent research reports. Truist Financial increased their price target on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a research report on Wednesday, August 5th. Needham & Company LLC lifted their price objective on Harmony Biosciences from $45.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Weiss Ratings upgraded Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 17th. Wall Street Zen raised Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Finally, Oppenheimer restated an "outperform" rating and set a $70.00 target price on shares of Harmony Biosciences in a research report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $47.11.

About Harmony Biosciences

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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