Tieton Capital Management LLC Takes Position in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Tieton Capital Management initiated a position in Harmony Biosciences by purchasing 306,781 shares valued at approximately $11.17 million, representing 0.53% of the company and 3.2% of the fund’s portfolio. Institutional investors collectively own 86.23% of HRMY.
• Analyst sentiment remains mixed: HRMY carries an average “Hold” rating and a consensus price target of $45.50, with targets ranging from $34 to $55.
• Harmony reported strong quarterly results, posting EPS of $1.28 versus the $0.96 consensus estimate and revenue of $261.28 million, up 30.3% year over year. Shares opened at $39.93, near the stock’s 52-week high of $40.87.

Tieton Capital Management LLC bought a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 306,781 shares of the company's stock, valued at approximately $11,170,000. Harmony Biosciences comprises approximately 3.2% of Tieton Capital Management LLC's portfolio, making the stock its 16th biggest holding. Tieton Capital Management LLC owned 0.53% of Harmony Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of HRMY. Nebula Research & Development LLC grew its stake in Harmony Biosciences by 2.0% during the 2nd 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 in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Harmony Biosciences by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company's stock valued at $717,000 after purchasing an additional 532 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Harmony Biosciences by 25.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company's stock valued at $105,000 after purchasing an additional 575 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Harmony Biosciences by 286.7% during the 4th quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after buying an additional 602 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Harmony Biosciences by 30.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the company's stock worth $100,000 after buying an additional 619 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on HRMY. UBS Group reaffirmed a "neutral" rating and issued a $37.00 price target on shares of Harmony Biosciences in a report on Wednesday, August 5th. Mizuho boosted their target price on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday. HC Wainwright reaffirmed a "buy" rating and set a $55.00 price target on shares of Harmony Biosciences in a research report on Thursday, July 16th. Finally, Truist Financial boosted their price objective on Harmony Biosciences from $29.00 to $34.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Harmony Biosciences currently has an average rating of "Hold" and an average price target of $45.50.

Harmony Biosciences Stock Up 2.8%

Shares of NASDAQ:HRMY opened at $39.93 on Thursday. The company's fifty day moving average is $36.19 and its two-hundred day moving average is $32.71. 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 1-year low of $25.52 and a 1-year high of $40.87. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 0.36 and a beta of 0.96.

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

Harmony Biosciences Company 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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