Legal & General Group Plc Invests $3.50 Million in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Legal & General Group Plc purchased 96,259 shares of Harmony Biosciences worth approximately $3.5 million, giving it a 0.17% stake. Institutional investors collectively own 86.23% of HRMY.
• Analyst sentiment is mixed: five analysts rate the stock a Buy, five Hold, and one Sell, resulting in a consensus rating of Hold and an average price target of $47.11.
• Harmony reported quarterly EPS of $1.28, beating estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million. The stock opened at $42.25, near its 52-week high of $43.49.

Legal & General Group Plc bought a new stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 96,259 shares of the company's stock, valued at approximately $3,505,000. Legal & General Group Plc owned approximately 0.17% of Harmony Biosciences at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HRMY. The Manufacturers Life Insurance Company purchased a new position in Harmony Biosciences during the second quarter valued at $870,000. Nan Fung Group Holdings Ltd acquired a new stake in shares of Harmony Biosciences in the second quarter valued at about $984,854. Trail Ridge Investment Advisors LLC purchased a new stake in shares of Harmony Biosciences during the second quarter worth about $325,000. Algert Global LLC raised its position in shares of Harmony Biosciences by 30.2% during the 2nd quarter. Algert Global LLC now owns 144,849 shares of the company's stock worth $5,274,000 after purchasing an additional 33,591 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Harmony Biosciences during the 2nd quarter worth about $1,278,000. Hedge funds and other institutional investors own 86.23% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $39.00 price objective on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Needham & Company LLC boosted their price target on Harmony Biosciences from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. Wall Street Zen raised Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Zacks Research lowered Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $70.00 target price on shares of Harmony Biosciences in a research note on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $47.11.

Harmony Biosciences Stock Up 0.9%

NASDAQ HRMY opened at $42.25 on Friday. Harmony Biosciences Holdings, Inc. has a 52 week low of $25.52 and a 52 week high of $43.49. 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 business's fifty day simple moving average is $37.60 and its 200-day simple moving average is $32.99. The firm has a market cap of $2.46 billion, a PE ratio of 13.72, a P/E/G ratio of 0.39 and a beta of 0.93.

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

About Harmony Biosciences

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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