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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 7,450,000 shares, a decline 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 days-to-cover ratio is currently 16.9 days.

Harmony Biosciences Stock Performance

Shares of NASDAQ HRMY traded up $5.74 during midday trading on Tuesday, reaching $41.49. 1,316,365 shares of the company traded hands, compared to its average volume of 411,152. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 0.69 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.13 and a quick ratio of 3.09. The stock has a 50-day moving average price of $36.38 and a 200 day moving average price of $33.02. Harmony Biosciences has a 52 week low of $19.03 and a 52 week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.24. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. The business had revenue of $172.80 million during the quarter, compared to analyst estimates of $172.53 million. During the same quarter in the prior year, the firm posted $0.56 earnings per share. The company's revenue was up 28.8% on a year-over-year basis. Sell-side analysts anticipate that Harmony Biosciences will post 2.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on HRMY. Needham & Company LLC reiterated a "buy" rating and issued a $52.00 price target on shares of Harmony Biosciences in a report on Tuesday. Mizuho upped their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, October 10th. UBS Group began coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They issued a "buy" rating and a $56.00 price target for the company. Finally, Raymond James reiterated an "outperform" rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.38.

Institutional Investors Weigh In On Harmony Biosciences

Several large investors have recently modified their holdings of HRMY. nVerses Capital LLC acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at about $36,000. CWM LLC raised its holdings in Harmony Biosciences by 111.7% in the 3rd quarter. CWM LLC now owns 1,469 shares of the company's stock worth $59,000 after acquiring an additional 775 shares during the period. Quarry LP acquired a new position in shares of Harmony Biosciences during the 2nd quarter worth about $62,000. 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. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Harmony Biosciences by 21.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $80,000 after purchasing an additional 360 shares during the period. 86.23% of the stock is owned by institutional investors.

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.

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