Ieq Capital LLC Takes $1.96 Million Position in Harmony Biosciences Holdings, Inc. $HRMY

Ieq Capital LLC acquired a new position in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) in the second quarter, HoldingsChannel reports. The institutional investor acquired 53,762 shares of the company’s stock, valued at approximately $1,957,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Chase Investment Counsel Corp bought a new stake in shares of Harmony Biosciences in the 2nd quarter worth approximately $1,820,000. CX Institutional grew its stake in Harmony Biosciences by 19.7% during the 4th quarter. CX Institutional now owns 275,809 shares of the company’s stock worth $10,321,000 after buying an additional 45,376 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Harmony Biosciences in the first quarter worth $1,030,000. Edgestream Partners L.P. increased its position in Harmony Biosciences by 52.1% in the first quarter. Edgestream Partners L.P. now owns 138,130 shares of the company’s stock worth $3,869,000 after buying an additional 47,303 shares during the period. Finally, Aurora Investment Counsel bought a new stake in Harmony Biosciences in the second quarter valued at $2,372,000. Institutional investors own 86.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HRMY. Mizuho lifted their price objective on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Oppenheimer restated an “outperform” rating and issued a $70.00 price target on shares of Harmony Biosciences in a research note on Tuesday, August 4th. Needham & Company LLC lifted their price target on Harmony Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Truist Financial increased their price objective on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Harmony Biosciences currently has an average rating of “Hold” and an average target price of $45.50.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $38.95 on Wednesday. The firm has a 50-day moving average price of $36.51 and a 200 day moving average price of $32.74. The firm has a market capitalization of $2.27 billion, a PE ratio of 12.65, a P/E/G ratio of 0.36 and a beta of 0.96. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences Holdings, Inc. has a 52-week low of $25.52 and a 52-week high of $40.87.

Harmony Biosciences (NASDAQ:HRMY) last announced 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 firm had revenue of $261.28 million for the quarter, compared to analysts’ expectations of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%.The firm’s quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.92 earnings per share. On average, sell-side analysts anticipate that Harmony Biosciences Holdings, Inc. will post 3.77 earnings per share for the current fiscal year.

Harmony Biosciences 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.