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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 7,450,000 shares, a drop of 12.8% from the September 30th total of 8,540,000 shares. Currently, 24.3% of the company’s shares are sold short. Based on an average daily volume of 441,800 shares, the short-interest ratio is currently 16.9 days.

Insider Buying and Selling

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were 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 hyperlink. 30.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several large investors have recently modified their holdings of the business. nVerses Capital LLC bought a new stake in shares of Harmony Biosciences during the 2nd quarter valued at $36,000. CWM LLC grew its holdings in Harmony Biosciences by 111.7% during the 3rd quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after buying an additional 775 shares in the last quarter. Quarry LP bought a new stake in shares of Harmony Biosciences during the second quarter valued at about $62,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Harmony Biosciences by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after buying an additional 360 shares in the last quarter. Finally, Headlands Technologies LLC boosted its position in shares of Harmony Biosciences by 1,608.1% in the second quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock valued at $77,000 after acquiring an additional 2,396 shares during the period. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analyst Upgrades and Downgrades

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

Harmony Biosciences Stock Performance

HRMY traded down $1.67 during trading on Thursday, hitting $32.13. 4,994,877 shares of the company traded hands, compared to its average volume of 444,614. Harmony Biosciences has a one year low of $22.00 and a one year high of $41.61. The stock’s fifty day moving average is $36.44 and its 200 day moving average is $33.11. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.83 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 0.69 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The firm had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. During the same period in the prior year, the firm earned $0.63 EPS. The company’s revenue was up 16.0% compared to the same quarter last year. As a group, equities analysts predict that Harmony Biosciences will post 2.23 EPS for the current fiscal year.

Harmony Biosciences Company Profile

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.