Hsbc Holdings PLC Sells 39,407 Shares of Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• HSBC cut its Harmony Biosciences stake by 59.7% in the second quarter, selling 39,407 shares and retaining 26,627 shares valued at approximately $963,000. Institutional investors collectively own 86.23% of HRMY.
• Analysts have a consensus “Hold” rating on the stock, with an average price target of $47.11; Wolfe Research and Mizuho maintained “Outperform” ratings with targets of $60 and $51, respectively.
• Harmony reported strong quarterly results, with EPS of $1.28 versus the $0.96 estimate and revenue of $261.28 million, up 30.3% year over year. The stock opened at $41.52, near its 52-week high of $43.49.

Hsbc Holdings PLC lowered its stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 59.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,627 shares of the company's stock after selling 39,407 shares during the period. Hsbc Holdings PLC's holdings in Harmony Biosciences were worth $963,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of HRMY. Nebula Research & Development LLC lifted its stake in Harmony Biosciences by 2.0% in the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company's stock valued at $550,000 after purchasing an additional 348 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Harmony Biosciences by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company's stock worth $717,000 after buying an additional 532 shares during the last quarter. Allworth Financial LP increased its position in Harmony Biosciences by 286.7% in the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock worth $30,000 after buying an additional 602 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Harmony Biosciences by 30.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the company's stock valued at $100,000 after buying an additional 619 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake 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 during the period. Institutional investors own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wolfe Research began coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They set an "outperform" rating and a $60.00 price target for the company. Mizuho boosted their price objective on Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. 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. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $39.00 target price on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, August 17th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Harmony Biosciences currently has a consensus rating of "Hold" and an average target price of $47.11.

Harmony Biosciences Stock Performance

NASDAQ:HRMY opened at $41.52 on Monday. The business's fifty day moving average is $38.12 and its 200 day moving average is $33.30. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.38 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. Harmony Biosciences Holdings, Inc. has a 52-week low of $25.52 and a 52-week high of $43.49.

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

Insider Activity at Harmony Biosciences

In other news, insider Kumar Budur sold 28,454 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $42.96, for a total value of $1,222,383.84. Following the completion of the transaction, the insider directly owned 13,115 shares in the company, valued at approximately $563,420.40. This trade represents a 68.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.00% of the company's stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and commercializing therapies for patients with rare neurological disorders. The company was founded in 2017 and is headquartered in Plymouth Meeting, Pennsylvania, with an emphasis on conditions that are often underserved by traditional pharmaceutical research.

Harmony's principal product is WAKIX (pitolisant), a first-in-class histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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