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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) saw a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 5,450,000 shares, a decrease of 6.0% from the November 15th total of 5,800,000 shares. Based on an average daily volume of 750,400 shares, the days-to-cover ratio is currently 7.3 days. Approximately 13.5% of the shares of the company are sold short.

Harmony Biosciences Trading Up 1.7 %

Harmony Biosciences stock traded up $0.57 during trading hours on Tuesday, hitting $33.63. The stock had a trading volume of 463,310 shares, compared to its average volume of 476,509. The business's 50 day simple moving average is $34.29 and its 200-day simple moving average is $34.05. Harmony Biosciences has a one year low of $28.14 and a one year high of $41.61. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 0.60 and a beta of 0.79. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. During the same period last year, the company earned $0.63 EPS. The firm's revenue was up 16.0% compared to the same quarter last year. On average, equities analysts predict that Harmony Biosciences will post 2.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on HRMY shares. Cantor Fitzgerald increased their target price 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 reiterated a "buy" rating and set a $52.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, October 29th. Mizuho raised their target price 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. HC Wainwright began coverage on shares of Harmony Biosciences in a report on Tuesday. They set a "buy" rating and a $75.00 price target for the company. Finally, Raymond James reissued an "outperform" rating and issued a $40.00 price objective on shares of Harmony Biosciences in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $49.80.

Insider Activity

In related news, insider Jeffrey Dierks sold 21,496 shares of the business's stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 30.80% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. raised its holdings in Harmony Biosciences by 0.6% during the 2nd quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company's stock worth $75,715,000 after purchasing an additional 14,695 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Harmony Biosciences by 13.3% during the second quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company's stock worth $28,871,000 after buying an additional 112,197 shares during the period. American Century Companies Inc. raised its stake in Harmony Biosciences by 53.7% during the second quarter. American Century Companies Inc. now owns 681,536 shares of the company's stock worth $20,562,000 after buying an additional 238,140 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Harmony Biosciences by 27.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company's stock valued at $26,416,000 after buying an additional 140,690 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Harmony Biosciences by 56.7% during the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company's stock valued at $17,975,000 after acquiring an additional 215,700 shares during the last quarter. 86.23% of the stock is owned by institutional investors.

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.