Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Short Interest Update

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $52.00 target price on shares of Harmony Biosciences in a research note on Tuesday, October 29th. Raymond James reiterated an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. Oppenheimer reissued an “outperform” rating and issued a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. UBS Group assumed coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target on the stock. Finally, Mizuho boosted their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Harmony Biosciences presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Stock Performance

Shares of NASDAQ HRMY opened at $33.22 on Friday. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $35.98 and its two-hundred day moving average price is $33.49. Harmony Biosciences has a 52-week low of $24.70 and a 52-week high of $41.61. The stock has a market capitalization of $1.89 billion, a P/E ratio of 15.74, a P/E/G ratio of 0.62 and a beta of 0.77.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. The business had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The business’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. As a group, sell-side analysts forecast that Harmony Biosciences will post 2.36 earnings per share for the current year.

Insider Activity

In related news, insider Jeffrey Dierks sold 21,496 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. LSV Asset Management boosted its position in shares of Harmony Biosciences by 72.5% during the second quarter. LSV Asset Management now owns 578,246 shares of the company’s stock worth $17,446,000 after buying an additional 243,100 shares during the period. American Century Companies Inc. raised its stake in Harmony Biosciences by 53.7% during the 2nd quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after acquiring an additional 238,140 shares in the last quarter. Renaissance Technologies LLC boosted its position in Harmony Biosciences by 56.7% during the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after acquiring an additional 215,700 shares during the period. Capital Management Corp VA bought a new position in shares of Harmony Biosciences in the first quarter worth $7,018,000. Finally, Marshall Wace LLP increased its holdings in shares of Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after purchasing an additional 181,092 shares during the period. Institutional investors and hedge funds 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.