Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has significantly reduced its position in Harmony Biosciences Holdings, Inc., cutting its shares by 78.2% during the first quarter, now owning 496,959 shares worth approximately $16.5 million.
• Harmony Biosciences recently reported earnings of $0.78 per share, exceeding analyst expectations, with revenue increasing by 19.5% year-over-year, totaling $184.73 million for the quarter.
• Analysts maintain a positive outlook with a consensus rating of "Buy" and an average price target of $51.00 for Harmony Biosciences' stock, reflecting broad institutional interest in the company.

Pacer Advisors Inc. reduced its stake in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) by 78.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 496,959 shares of the company's stock after selling 1,782,959 shares during the period. Pacer Advisors Inc. owned approximately 0.87% of Harmony Biosciences worth $16,494,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Financial Management Professionals Inc. purchased a new position in shares of Harmony Biosciences in the first quarter worth about $29,000. GF Fund Management CO. LTD. purchased a new position in shares of Harmony Biosciences in the fourth quarter worth about $41,000. CWM LLC increased its holdings in shares of Harmony Biosciences by 34.8% in the first quarter. CWM LLC now owns 2,704 shares of the company's stock worth $90,000 after buying an additional 698 shares during the period. GAMMA Investing LLC increased its holdings in shares of Harmony Biosciences by 222.9% in the first quarter. GAMMA Investing LLC now owns 2,929 shares of the company's stock worth $97,000 after buying an additional 2,022 shares during the period. Finally, Virtus Investment Advisers Inc. purchased a new position in shares of Harmony Biosciences in the fourth quarter worth about $124,000. 86.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on HRMY. Truist Financial initiated coverage on Harmony Biosciences in a report on Monday, July 21st. They issued a "buy" rating and a $48.00 price objective on the stock. Mizuho boosted their price target on Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. HC Wainwright reaffirmed a "buy" rating and issued a $70.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, April 8th. UBS Group lowered their price objective on Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $49.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $51.00.

Harmony Biosciences Trading Down 0.3%

HRMY traded down $0.12 during trading hours on Wednesday, reaching $35.34. 62,516 shares of the company's stock traded hands, compared to its average volume of 663,545. The firm has a 50-day moving average price of $34.05 and a 200 day moving average price of $33.99. The company has a quick ratio of 3.63, a current ratio of 3.67 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $2.03 billion, a PE ratio of 13.51, a PEG ratio of 0.49 and a beta of 0.83. Harmony Biosciences Holdings, Inc. has a 52-week low of $26.47 and a 52-week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.19. The company had revenue of $184.73 million for the quarter, compared to the consensus estimate of $184.26 million. Harmony Biosciences had a return on equity of 24.32% and a net margin of 20.53%. Harmony Biosciences's revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.67 earnings per share. As a group, sell-side analysts predict that Harmony Biosciences Holdings, Inc. will post 2.43 EPS for the current fiscal year.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.