Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Sees Large Decline in Short Interest

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 6,060,000 shares, a decline of 18.7% from the October 15th total of 7,450,000 shares. Approximately 15.2% of the shares of the stock are short sold. Based on an average trading volume of 683,700 shares, the short-interest ratio is presently 8.9 days.

Harmony Biosciences Price Performance

Shares of HRMY opened at $33.22 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The stock has a market cap of $1.89 billion, a P/E ratio of 15.74, a price-to-earnings-growth ratio of 0.62 and a beta of 0.77. The stock’s 50-day moving average price is $35.98 and its two-hundred day moving average price is $33.49. Harmony Biosciences has a 1 year low of $24.70 and a 1 year high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.15. The firm had revenue of $186.00 million during the quarter, compared to analysts’ expectations of $184.07 million. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 earnings per share. On average, equities analysts predict that Harmony Biosciences will post 2.36 earnings per share for the current year.

Analysts Set New Price Targets

HRMY has been the subject of a number of research analyst reports. Raymond James reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Cantor Fitzgerald upped their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a research note on Tuesday, October 29th. UBS Group assumed coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target on the stock. Finally, Oppenheimer reiterated an “outperform” rating and issued a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.00.

Insider Activity

In related news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 30.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Harmony Biosciences

A number of large investors have recently made changes to their positions in the company. Barclays PLC lifted its holdings in Harmony Biosciences by 110.9% during the third quarter. Barclays PLC now owns 76,862 shares of the company’s stock worth $3,074,000 after acquiring an additional 40,416 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Harmony Biosciences during the 3rd quarter valued at about $280,000. XTX Topco Ltd acquired a new position in shares of Harmony Biosciences in the 3rd quarter valued at approximately $451,000. HighTower Advisors LLC increased its stake in Harmony Biosciences by 364.0% during the 3rd quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock worth $3,199,000 after purchasing an additional 62,729 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in Harmony Biosciences during the 3rd quarter worth approximately $513,000. Institutional investors own 86.23% of the company’s stock.

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.