Harmony Biosciences Holdings, Inc. $HRMY Shares Newly Acquired by Penn Capital Management Company LLC

Key Points

• Penn Capital Management acquired 149,366 Harmony Biosciences shares in the third quarter, valued at about $5.87 million, representing 0.26% of the company. Institutional investors and hedge funds collectively own 86.23% of its shares.
• Harmony reported quarterly EPS of $0.81, below the $1.09 consensus estimate, and revenue of $268.92 million, also short of expectations; revenue nevertheless rose 12.3% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $48.00.

Penn Capital Management Company LLC acquired a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 149,366 shares of the company's stock, valued at approximately $5,870,000. Penn Capital Management Company LLC owned 0.26% of Harmony Biosciences at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of HRMY. Chase Investment Counsel Corp purchased a new position in Harmony Biosciences during the second quarter worth approximately $1,820,000. Canada Pension Plan Investment Board acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at $1,209,000. The Manufacturers Life Insurance Company acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at $870,000. Aurora Investment Counsel purchased a new stake in shares of Harmony Biosciences during the 2nd quarter valued at $2,372,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Harmony Biosciences during the 2nd quarter valued at $1,656,000. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Trading Up 2.0%

Shares of HRMY stock opened at $33.78 on Tuesday. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 0.28 and a beta of 1.00. The company has a quick ratio of 3.45, a current ratio of 3.44 and a debt-to-equity ratio of 0.12. Harmony Biosciences Holdings, Inc. has a fifty-two week low of $25.90 and a fifty-two week high of $43.49. The firm's 50 day moving average price is $39.25 and its two-hundred day moving average price is $34.69.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.28). Harmony Biosciences had a return on equity of 18.55% and a net margin of 18.05%. The business had revenue of $268.92 million for the quarter, compared to analysts' expectations of $272.05 million. During the same quarter in the prior year, the firm earned $1.08 earnings per share. Harmony Biosciences's quarterly revenue was up 12.3% compared to the same quarter last year. On average, analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.69 EPS for the current year.

Insider Buying and Selling at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction on Friday, September 18th. The shares were sold at an average price of $43.05, for a total transaction of $1,543,428.60. Following the transaction, the insider owned 13,115 shares in the company, valued at approximately $564,600.75. The trade was a 73.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 72,406 shares of company stock worth $3,108,520. Insiders own 11.00% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Mizuho set a $49.00 price objective on Harmony Biosciences in a report on Thursday, October 29th. LADENBURG THALM/SH SH assumed coverage on Harmony Biosciences in a report on Thursday, October 15th. They issued a "buy" rating and a $55.00 target price on the stock. Wolfe Research initiated coverage on Harmony Biosciences in a research report on Wednesday, August 26th. They set an "outperform" rating and a $60.00 price target for the company. Oppenheimer restated an "outperform" rating on shares of Harmony Biosciences in a research note on Thursday, September 24th. Finally, Weiss Ratings upgraded Harmony Biosciences from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.00.

About Harmony Biosciences

Harmony Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for people living with rare neurological diseases. The company's work centers on therapies intended to address significant unmet medical needs.

Its lead product, WAKIX (pitolisant), is approved in the United States to treat excessive daytime sleepiness or cataplexy in adults and pediatric patients aged 6 years and older with narcolepsy. Harmony launched WAKIX in the United States in 2019.

Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony primarily serves the U.S.

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