May 22, 2023 – Lord Abbett & CO. LLC, a renowned investment management firm, recently disclosed its acquisition of a new position in shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) during the fourth quarter. According to their most recent disclosure with the Securities and Exchange Commission (SEC), the institutional investor purchased 92,478 shares of the company’s stock with an approximate value of $5,095,000.
The acquisition amounted to 0.16% ownership of Harmony Biosciences at the time of filing. This shows that Lord Abbett & CO. LLC has gained confidence in Harmony Biosciences’ ability to provide a good return on investment given its strong earnings report this year.
Harmony Biosciences is known for its development and commercialization of innovative treatments for people living with sleep and neurological disorders. Last February 21st, it posted impressive quarterly earnings data reporting $1.01 earnings per share (EPS) for the quarter — beating analysts’ consensus estimates by $0.47.
In terms of profitability and efficiency, Harmony Biosciences also showed prowess in its net margin reaching up to 40.19%, while return on equity was recorded at an outstanding 49.67%. The company’s revenue shot up to $128.31 million during the quarter against analyst estimates that have been set at $127.73 million.
This success doesn’t come as a surprise though; Harmony Biosciences has consistently been one of the top-performing companies in its field and continues to innovate for better patient care.
As more investors look into HRMY’s potential lucrative returns in lieu of elevated profitability margins due to patent-protected medical advancements that are at once novel and appealing to both patients and prescribers alike; other hedge funds may follow suit right after Lord Abbett & CO.’s lead.
For those interested investors seeking information about HRMY or keen to see what other hedge funds are holding HRMY, HoldingsChannel.com provides the latest 13F filings and insider trades for Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY). This platform keeps investors up-to-date with a company’s status and helps them make informed decisions. It would be wise to take advantage of such tools to increase one’s chances of success in the stock market.
Investor Interest Grows for Harmony Biosciences and Promising Product WAKIX[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”HRMY” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]
Harmony Biosciences continues to attract investor interest, as several large investors recently made significant changes to their positions in the company. BlackRock Inc., for example, has increased its holdings in the company by 20.9%, while Vanguard Group Inc. raised its stake in Harmony Biosciences by 1.3%. State Street Corp also raised its position in shares of the company by 14%. Meanwhile, abrdn plc has bought a new position worth $38,059,000 in Harmony Biosciences, and Neumeier Poma Investment Counsel LLC boosted its stake in the company by 7.7%.
As of May 22nd, shares of Harmony Biosciences opened at $35.01 on NASDAQ. The firm’s market capitalization is currently at $2.10 billion and it boasts a PE ratio of 11.29, along with a price-to-earnings-growth ratio of 0.51 and beta of 0.45.
The growing interest in this commercial-stage pharma company is not surprising given the promising outlook for their product WAKIX – a medication specifically designed for patients with rare neurological disorders such as narcolepsy suffering from excessive daytime sleepiness.
According to reports from Bloomberg.com, Harmony Biosciences Holdings Inc currently enjoys an average rating of “Moderate Buy” and an average target price of $62.89 with two analysts recommending holding while seven recommend buying.
For those who are interested in staying abreast of how other hedge funds are faring relative to HRMY shares and insider trades within Harmon Biosciences Holding – recent updates can easily be accessed over at HoldingsChannel.com
In summary one can only watch with interest as developments surrounding WAKIX unfolds – which already promises great strides towards helping patients suffering from rare neurological disorders sleep better at night