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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) was the target of 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. Approximately 15.2% of the company's stock are sold short. Based on an average daily volume of 683,700 shares, the short-interest ratio is currently 8.9 days.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $33.22 on Friday. Harmony Biosciences has a one year low of $24.70 and a one year high of $41.61. The business has a fifty day moving average of $35.98 and a 200 day moving average of $33.49. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The firm has a market capitalization of $1.89 billion, a P/E ratio of 15.74, a PEG ratio of 0.62 and a beta of 0.77.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its quarterly earnings results 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 business had revenue of $186.00 million during 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 quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 EPS. As a group, sell-side analysts anticipate that Harmony Biosciences will post 2.36 EPS for the current year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the business's stock in a transaction on 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 filing with the SEC, which is available through the SEC website. Insiders own 30.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its stake in shares of Harmony Biosciences by 0.6% in the second quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company's stock worth $75,715,000 after buying an additional 14,695 shares during the period. Dimensional Fund Advisors LP increased its holdings in Harmony Biosciences by 13.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company's stock worth $28,871,000 after acquiring an additional 112,197 shares in the last quarter. 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 worth $20,562,000 after acquiring an additional 238,140 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Harmony Biosciences by 27.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company's stock valued at $26,416,000 after purchasing an additional 140,690 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Harmony Biosciences by 56.7% in the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company's stock worth $17,975,000 after purchasing an additional 215,700 shares during the period. 86.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on HRMY shares. UBS Group assumed coverage on shares of Harmony Biosciences in a research note on Tuesday, September 10th. They issued a "buy" rating and a $56.00 price target on the stock. Cantor Fitzgerald upped their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Mizuho increased their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, October 10th. Needham & Company LLC restated a "buy" rating and issued a $52.00 price objective on shares of Harmony Biosciences in a report on Tuesday, October 29th. Finally, Raymond James reiterated an "outperform" rating and set a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.00.

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.