Harmony Biosciences Holdings, Inc. $HRMY Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Harmony Biosciences stake by 48.8% in the first quarter, selling 134,341 shares and retaining 140,717 shares valued at approximately $3.94 million. Institutional investors collectively own 86.23% of HRMY.
• Harmony Biosciences reported quarterly EPS of $1.28, exceeding estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million. Analysts expect full-year EPS of $3.77.
• HRMY shares opened at $39.21, near their 52-week high of $40.87. Analyst sentiment is mixed, with an overall “Hold” consensus and an average price target of $47.11.

Bank of America Corp DE lessened its stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 48.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 140,717 shares of the company's stock after selling 134,341 shares during the quarter. Bank of America Corp DE owned 0.24% of Harmony Biosciences worth $3,941,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its position in shares of Harmony Biosciences by 589.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company's stock valued at $28,000 after buying an additional 643 shares in the last quarter. Allworth Financial LP increased its stake in Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock worth $30,000 after acquiring an additional 602 shares during the last quarter. Leonteq Securities AG acquired a new stake in shares of Harmony Biosciences during the 4th quarter worth about $30,000. National Bank of Canada FI purchased a new position in Harmony Biosciences during the 3rd quarter valued at about $40,000. Finally, Clearstead Advisors LLC lifted its position in shares of Harmony Biosciences by 145.9% during the fourth quarter. Clearstead Advisors LLC now owns 1,178 shares of the company's stock worth $44,000 after purchasing an additional 699 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

Harmony Biosciences Price Performance

Shares of NASDAQ:HRMY opened at $39.21 on Friday. Harmony Biosciences Holdings, Inc. has a 52 week low of $25.52 and a 52 week high of $40.87. The business has a fifty day simple moving average of $36.88 and a 200-day simple moving average of $32.82. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.28 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.36 and a beta of 0.96.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.32. The company had revenue of $261.28 million for the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. Harmony Biosciences's revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter last year, the business earned $0.92 EPS. Equities research analysts forecast that Harmony Biosciences Holdings, Inc. will post 3.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $39.00 price objective on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Zacks Research downgraded shares of Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 17th. Mizuho lifted their price objective on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Finally, Oppenheimer restated an "outperform" rating and set a $70.00 price target on shares of Harmony Biosciences in a research note on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Harmony Biosciences presently has an average rating of "Hold" and a consensus price target of $47.11.

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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