First Trust Advisors LP Sells 50,805 Shares of Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• First Trust Advisors reduced its Harmony Biosciences stake by 32.7%, selling 50,805 shares and retaining 104,549 shares worth approximately $2.93 million. Institutional investors collectively own 86.23% of HRMY.
• Harmony Biosciences reported quarterly EPS of $1.28, beating estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million, above expectations.
• HRMY shares recently traded at $38.75, and analysts maintain a Moderate Buy consensus with an average price target of $45.50, despite differing ratings ranging from Sell to Strong Buy.

First Trust Advisors LP cut its position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 32.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 104,549 shares of the company's stock after selling 50,805 shares during the quarter. First Trust Advisors LP owned about 0.18% of Harmony Biosciences worth $2,928,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ruffer LLP bought a new position in shares of Harmony Biosciences during the fourth quarter valued at approximately $1,536,000. CX Institutional boosted its position in shares of Harmony Biosciences by 19.7% in the 4th quarter. CX Institutional now owns 275,809 shares of the company's stock worth $10,321,000 after purchasing an additional 45,376 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Harmony Biosciences in the 4th quarter worth approximately $655,000. Convergence Investment Partners LLC purchased a new stake in shares of Harmony Biosciences in the 4th quarter worth approximately $961,000. Finally, BNP Paribas Financial Markets raised its stake in Harmony Biosciences by 32.9% during the fourth quarter. BNP Paribas Financial Markets now owns 525,145 shares of the company's stock valued at $19,651,000 after buying an additional 130,001 shares during the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Trading Up 1.3%

Shares of NASDAQ:HRMY opened at $38.75 on Friday. The stock's 50-day simple moving average is $35.06 and its two-hundred day simple moving average is $32.57. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.35 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 company has a debt-to-equity ratio of 0.13, a quick ratio of 3.56 and a current ratio of 3.48.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.32. The firm had revenue of $261.28 million for the quarter, compared to analysts' expectations of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The business's quarterly revenue was up 30.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 EPS. Analysts expect that Harmony Biosciences Holdings, Inc. will post 3.33 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Zacks Research raised Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. Weiss Ratings upgraded Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. UBS Group reaffirmed a "neutral" rating and issued a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday. HC Wainwright reiterated a "buy" rating and issued a $55.00 price target on shares of Harmony Biosciences in a research note on Thursday, July 16th. Finally, Truist Financial increased their price objective on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a "hold" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $45.50.

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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