Foster & Motley Inc. Takes Position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Key Points

• Foster & Motley Inc. acquired a new stake in Harmony Biosciences Holdings, Inc., purchasing 10,559 shares valued at approximately $350,000 in the first quarter.
• Various other institutional investors have also increased their stakes in Harmony Biosciences, with hedge funds owning 86.23% of the company's stock.
• Harmony Biosciences reported a $0.78 earnings per share (EPS) for the last quarter, exceeding analysts' estimates, with a 19.5% year-over-year revenue increase.

Foster & Motley Inc. acquired a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,559 shares of the company's stock, valued at approximately $350,000.

A number of other large investors have also modified their holdings of HRMY. Deep Track Capital LP purchased a new stake in shares of Harmony Biosciences during the fourth quarter worth $49,894,000. Vanguard Group Inc. increased its holdings in Harmony Biosciences by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company's stock valued at $162,883,000 after buying an additional 1,262,362 shares during the last quarter. Marshall Wace LLP increased its holdings in Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company's stock valued at $31,992,000 after buying an additional 579,103 shares during the last quarter. Norges Bank purchased a new position in Harmony Biosciences in the fourth quarter valued at $16,118,000. Finally, Invesco Ltd. increased its holdings in Harmony Biosciences by 173.9% in the fourth quarter. Invesco Ltd. now owns 449,180 shares of the company's stock valued at $15,456,000 after buying an additional 285,156 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on HRMY. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $55.00 target price (up previously from $54.00) on shares of Harmony Biosciences in a report on Thursday, July 10th. HC Wainwright reissued a "buy" rating and issued a $70.00 target price on shares of Harmony Biosciences in a report on Tuesday, April 8th. Cantor Fitzgerald raised Harmony Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Needham & Company LLC restated a "buy" rating and issued a $49.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group assumed coverage on shares of Harmony Biosciences in a research note on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price objective for the company. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $51.00.

Harmony Biosciences Stock Performance

Shares of HRMY traded up $1.14 during mid-day trading on Monday, hitting $35.54. 672,786 shares of the company's stock were exchanged, compared to its average volume of 664,158. Harmony Biosciences Holdings, Inc. has a fifty-two week low of $26.47 and a fifty-two week high of $41.61. The firm has a market capitalization of $2.04 billion, a P/E ratio of 13.56, a P/E/G ratio of 0.47 and a beta of 0.84. The business's 50 day moving average is $34.09 and its two-hundred day moving average is $33.93. The company has a current ratio of 3.67, a quick ratio of 3.63 and a debt-to-equity ratio of 0.22.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.19. Harmony Biosciences had a net margin of 20.53% and a return on equity of 24.32%. The business had revenue of $184.73 million during the quarter, compared to the consensus estimate of $184.26 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. The business's quarterly revenue was up 19.5% compared to the same quarter last year. On average, equities analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current year.

Harmony Biosciences Profile

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.