Harmony Biosciences Holdings, Inc. $HRMY Shares Acquired by New Vernon Capital Holdings II LLC

Key Points

• New Vernon Capital Holdings II LLC significantly increased its stake in Harmony Biosciences Holdings, Inc. by 3,219.0% in Q1, now owning 488,424 shares valued at approximately $16.2 million.
• Harmony Biosciences reported earnings of $0.68 per share for the last quarter, missing expectations, while revenue grew by 16.0% year-over-year to $200.49 million.
• The stock has received positive ratings from various analysts, with a consensus rating of "Buy" and a target price of $51.00.

New Vernon Capital Holdings II LLC lifted its stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 3,219.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 488,424 shares of the company's stock after buying an additional 473,708 shares during the quarter. New Vernon Capital Holdings II LLC owned approximately 0.85% of Harmony Biosciences worth $16,211,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of HRMY. LSV Asset Management lifted its holdings in shares of Harmony Biosciences by 25.0% in the first quarter. LSV Asset Management now owns 1,194,961 shares of the company's stock worth $39,661,000 after buying an additional 238,744 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of Harmony Biosciences by 1,709.0% in the first quarter. Allianz Asset Management GmbH now owns 220,704 shares of the company's stock valued at $7,325,000 after acquiring an additional 208,504 shares during the period. American Century Companies Inc. raised its stake in shares of Harmony Biosciences by 16.9% in the first quarter. American Century Companies Inc. now owns 1,288,787 shares of the company's stock valued at $42,775,000 after acquiring an additional 186,183 shares during the period. Two Sigma Investments LP grew its holdings in shares of Harmony Biosciences by 92.7% in the fourth quarter. Two Sigma Investments LP now owns 275,594 shares of the company's stock worth $9,483,000 after purchasing an additional 132,595 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of Harmony Biosciences by 35.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 480,605 shares of the company's stock worth $16,538,000 after purchasing an additional 124,656 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on HRMY. The Goldman Sachs Group began coverage on shares of Harmony Biosciences in a report on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price target on the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $55.00 target price (up from $54.00) on shares of Harmony Biosciences in a report on Thursday, July 10th. Mizuho increased their target price on shares of Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Wall Street Zen cut shares of Harmony Biosciences from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Oppenheimer began coverage on shares of Harmony Biosciences in a report on Monday, June 2nd. They set an "outperform" rating and a $61.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of "Buy" and a consensus target price of $51.00.

Harmony Biosciences Stock Performance

HRMY traded down $0.70 during trading on Wednesday, reaching $33.30. 227,066 shares of the company's stock were exchanged, compared to its average volume of 657,228. Harmony Biosciences Holdings, Inc. has a 1 year low of $26.47 and a 1 year high of $41.61. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.84 and a quick ratio of 3.80. The stock has a market capitalization of $1.92 billion, a P/E ratio of 10.75, a price-to-earnings-growth ratio of 0.42 and a beta of 0.84. The company's fifty day simple moving average is $35.59 and its 200-day simple moving average is $33.59.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Harmony Biosciences had a return on equity of 26.34% and a net margin of 23.44%.The business had revenue of $200.49 million for the quarter, compared to analysts' expectations of $204.37 million. During the same period in the prior year, the business posted $1.05 earnings per share. The business's quarterly revenue was up 16.0% compared to the same quarter last year. Harmony Biosciences has set its FY 2025 guidance at EPS. As a group, research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal 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.