Harmony Biosciences Holdings, Inc. $HRMY Stock: Allspring Global Investments Holdings LLC Boosts Holdings

Key Points

• Allspring Global Investments increased its Harmony Biosciences stake by 548.5% in the third quarter, bringing its holdings to 1.12 million shares valued at about $44.5 million. Institutional investors and hedge funds own 86.23% of the stock.
• Harmony reported quarterly EPS of $0.81, below analysts’ $1.09 estimate, and revenue of $268.9 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. The article also reported insider stock sales totaling 72,406 shares in the last quarter.

Allspring Global Investments Holdings LLC raised its holdings in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 548.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,124,717 shares of the company's stock after purchasing an additional 951,273 shares during the period. Allspring Global Investments Holdings LLC owned about 1.93% of Harmony Biosciences worth $44,505,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC raised its stake in Harmony Biosciences by 166.7% in the third quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock valued at $32,000 after buying an additional 510 shares in the last quarter. Nykredit A S acquired a new stake in Harmony Biosciences during the 2nd quarter valued at approximately $33,000. Signature Equity Partners LLC bought a new position in Harmony Biosciences during the 3rd quarter worth approximately $37,000. Integrated Wealth Concepts LLC bought a new position in shares of Harmony Biosciences during the second quarter valued at approximately $65,000. Finally, Signaturefd LLC grew its holdings in Harmony Biosciences by 200.0% in the 3rd quarter. Signaturefd LLC now owns 1,686 shares of the company's stock worth $66,000 after buying an additional 1,124 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Stock Up 2.0%

HRMY opened at $34.22 on Thursday. The company has a quick ratio of 3.42, a current ratio of 3.44 and a debt-to-equity ratio of 0.12. Harmony Biosciences Holdings, Inc. has a 52 week low of $25.90 and a 52 week high of $43.49. The business's fifty day simple moving average is $38.99 and its 200 day simple moving average is $34.66. The stock has a market cap of $2.01 billion, a PE ratio of 11.33, a P/E/G ratio of 0.34 and a beta of 1.00.

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 for the quarter, missing analysts' consensus estimates of $1.09 by ($0.28). Harmony Biosciences had a net margin of 18.05% and a return on equity of 18.55%. The company had revenue of $268.92 million for the quarter, compared to analysts' expectations of $272.05 million. During the same period last year, the company posted $1.08 EPS. The business's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, research analysts expect that Harmony Biosciences Holdings, Inc. will post 3.69 earnings per share for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider owned 13,115 shares of the company's stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 72,406 shares of company stock worth $3,108,520. 11.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Oppenheimer reiterated an "outperform" rating on shares of Harmony Biosciences in a research note on Thursday, September 24th. Mizuho set a $49.00 target price on shares of Harmony Biosciences in a report on Thursday, October 29th. Truist Financial upped their price objective on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. HC Wainwright reissued a "buy" rating and issued a $55.00 target price on shares of Harmony Biosciences in a report on Tuesday, October 13th. Finally, Wall Street Zen lowered Harmony Biosciences from a "buy" rating to a "hold" rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.00.

Harmony Biosciences Profile

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. market.

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