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

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

Insider Buying and Selling

In related news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its stake in shares of Harmony Biosciences by 0.6% during the second 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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Harmony Biosciences by 13.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock valued at $28,871,000 after buying an additional 112,197 shares during the period. American Century Companies Inc. lifted its position 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 in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Harmony Biosciences by 27.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock worth $26,416,000 after acquiring an additional 140,690 shares during the period. Finally, Renaissance Technologies LLC grew its position in Harmony Biosciences by 56.7% in 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 in the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analysts Set New Price Targets

HRMY has been the subject of a number of analyst reports. Raymond James reissued an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. 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 report on Thursday, October 10th. UBS Group assumed coverage on shares of Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target for the company. Oppenheimer reissued an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a research note on Tuesday, October 29th. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Stock Up 0.7 %

Shares of HRMY opened at $33.22 on Friday. The firm has a market cap of $1.89 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 0.62 and a beta of 0.77. 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 company’s fifty day moving average is $35.98 and its two-hundred day moving average is $33.49. Harmony Biosciences has a fifty-two week low of $24.70 and a fifty-two week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly 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. The company had revenue of $186.00 million during the quarter, compared to analyst estimates of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 earnings per share. Analysts forecast that Harmony Biosciences will post 2.36 earnings per share for the current year.

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.