Virtus Advisers LLC Makes New Investment in Harmony Biosciences Holdings, Inc. $HRMY

Key Points

• Virtus Advisers LLC purchased 29,253 shares of Harmony Biosciences, worth approximately $1.065 million, while institutional investors collectively own 86.23% of the company.
• Harmony Biosciences reported quarterly EPS of $1.28, exceeding estimates by $0.32, as revenue reached $261.28 million and increased 30.3% year over year.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $45.50, with recent targets ranging from $34 to $55.

Virtus Advisers LLC purchased a new stake in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 29,253 shares of the company's stock, valued at approximately $1,065,000. Virtus Advisers LLC owned about 0.05% of Harmony Biosciences as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Nebula Research & Development LLC boosted its holdings in shares of Harmony Biosciences by 2.0% during the 2nd quarter. Nebula Research & Development LLC now owns 17,403 shares of the company's stock worth $550,000 after buying an additional 348 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Harmony Biosciences by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company's stock worth $717,000 after acquiring an additional 532 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 worth $105,000 after acquiring an additional 575 shares during the period. Allworth Financial LP raised its holdings in Harmony Biosciences by 286.7% in the 4th quarter. Allworth Financial LP now owns 812 shares of the company's stock worth $30,000 after acquiring an additional 602 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Harmony Biosciences by 30.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the company's stock worth $100,000 after acquiring an additional 619 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

Harmony Biosciences Price Performance

Shares of HRMY stock opened at $38.07 on Friday. Harmony Biosciences Holdings, Inc. has a 12 month low of $25.52 and a 12 month high of $40.87. The company has a market capitalization of $2.22 billion, a P/E ratio of 12.36, a P/E/G ratio of 0.37 and a beta of 0.96. The stock has a 50 day moving average of $36.25 and a two-hundred day moving average of $32.72. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13.

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, beating analysts' consensus estimates of $0.96 by $0.32. The business had revenue of $261.28 million during 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%.Harmony Biosciences's revenue was up 30.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 earnings per share. As a group, equities analysts expect that Harmony Biosciences Holdings, Inc. will post 3.77 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Needham & Company LLC raised their price target on Harmony Biosciences from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Truist Financial increased their target price on Harmony Biosciences from $29.00 to $34.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Zacks Research downgraded Harmony Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Finally, HC Wainwright restated a "buy" rating and issued a $55.00 price objective on shares of Harmony Biosciences in a research note on Thursday, July 16th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Harmony Biosciences has a consensus rating of "Hold" and a consensus price target of $45.50.

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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