Fifth Third Bancorp Acquires 37,310 Shares of Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Fifth Third Bancorp dramatically increased its position in Harmony Biosciences, buying 37,310 additional shares and lifting its stake by 10,752.2% to 37,657 shares worth about $1.06 million.
• Institutional interest in the stock remains high, with hedge funds and other investors owning 86.23% of Harmony Biosciences shares overall.
• Analyst sentiment is generally positive, with a Moderate Buy consensus and an average price target of $42.50, even though the company recently missed earnings expectations and shares traded down 1.3%.

Fifth Third Bancorp boosted its stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 10,752.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,657 shares of the company's stock after buying an additional 37,310 shares during the period. Fifth Third Bancorp owned 0.07% of Harmony Biosciences worth $1,055,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Amundi raised its position in shares of Harmony Biosciences by 115.6% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Harmony Biosciences by 4.5% during the first 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 in the last quarter. Empowered Funds LLC purchased a new position in Harmony Biosciences in the first quarter valued at about $2,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Harmony Biosciences by 53.0% in the first 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 purchasing an additional 33,058 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in Harmony Biosciences by 9.8% in 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 in the last quarter. Institutional investors own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on HRMY shares. Weiss Ratings raised shares of Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Zacks Research raised shares of Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. HC Wainwright reiterated a "buy" rating and set a $55.00 price objective on shares of Harmony Biosciences in a research note on Thursday, July 16th. Truist Financial increased their target price on shares of Harmony Biosciences from $25.00 to $29.00 and gave the company a "hold" rating in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Harmony Biosciences from $30.00 to $36.00 and gave the company a "hold" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $42.50.

Harmony Biosciences Trading Down 1.3%

Shares of NASDAQ:HRMY opened at $35.32 on Friday. The business's 50-day moving average is $33.95 and its 200 day moving average is $32.63. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.58 and a quick ratio of 3.56. Harmony Biosciences Holdings, Inc. has a 1 year low of $25.52 and a 1 year high of $40.87. The firm has a market capitalization of $2.04 billion, a P/E ratio of 14.24, a P/E/G ratio of 0.33 and a beta of 0.94.

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 for the quarter, missing the consensus estimate of $0.76 by ($0.21). Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The business had revenue of $215.39 million during the quarter, compared to analyst estimates of $220.84 million. During the same period in the prior year, the business posted $0.78 EPS. Harmony Biosciences's revenue was up 16.6% compared to the same quarter last year. On average, research analysts predict that Harmony Biosciences Holdings, Inc. will post 3.3 earnings per share 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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