Hsbc Holdings PLC Buys New Shares in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• HSBC Holdings purchased 26,627 shares of Harmony Biosciences in the second quarter, valued at approximately $963,000. Institutional investors collectively own 86.23% of the company, with BlackRock adding a position worth about $258.6 million.
• Harmony Biosciences reported stronger-than-expected quarterly results, with EPS of $1.28 versus the $0.96 consensus estimate and revenue of $261.28 million, up 30.3% year over year.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $47.11 price target, although several firms maintain “Buy” or “Outperform” ratings with targets as high as $70.

Hsbc Holdings PLC purchased a new position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 26,627 shares of the company's stock, valued at approximately $963,000.

Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Harmony Biosciences in the second quarter worth about $258,583,000. SG Americas Securities LLC boosted its holdings in Harmony Biosciences by 109.9% during the 1st quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company's stock valued at $56,529,000 after acquiring an additional 1,056,507 shares during the period. Armistice Capital LLC purchased a new stake in Harmony Biosciences during the 4th quarter valued at about $18,710,000. AQR Capital Management LLC grew its position in Harmony Biosciences by 128.9% during the 4th quarter. AQR Capital Management LLC now owns 813,889 shares of the company's stock worth $30,456,000 after acquiring an additional 458,321 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Harmony Biosciences by 42.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company's stock worth $35,701,000 after acquiring an additional 388,472 shares during the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Harmony Biosciences Trading Up 4.7%

HRMY opened at $41.25 on Wednesday. Harmony Biosciences Holdings, Inc. has a one year low of $25.52 and a one year high of $41.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45. The business has a 50 day simple moving average of $37.14 and a two-hundred day simple moving average of $32.84. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 0.36 and a beta of 0.93.

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Oppenheimer reiterated an "outperform" rating and issued a $70.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, August 4th. Needham & Company LLC raised their target price on shares of Harmony Biosciences from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 target price on shares of Harmony Biosciences in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $39.00 price target on shares of Harmony Biosciences in a report on Wednesday, August 5th. Finally, Wall Street Zen raised shares of Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus 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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