Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Short Interest Down 18.7% in October

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) saw a significant drop in short interest in the month of 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 daily volume of 683,700 shares, the days-to-cover ratio is presently 8.9 days. Currently, 15.2% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on HRMY shares. Raymond James reissued an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a research note on Thursday, October 10th. Mizuho upped their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Oppenheimer reiterated 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. Cantor Fitzgerald upped their target price on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Insider Buying and Selling at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 21,496 shares of the 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 30.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HRMY. nVerses Capital LLC acquired a new position in Harmony Biosciences in the 2nd quarter worth approximately $36,000. CWM LLC boosted its position in shares of Harmony Biosciences by 111.7% in the third quarter. CWM LLC now owns 1,469 shares of the company’s stock worth $59,000 after buying an additional 775 shares during the period. Quarry LP purchased a new position in shares of Harmony Biosciences during the second quarter valued at $62,000. Quantbot Technologies LP acquired a new position in Harmony Biosciences during the third quarter valued at $74,000. Finally, Headlands Technologies LLC lifted its stake in Harmony Biosciences by 1,608.1% in the 2nd quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock worth $77,000 after acquiring an additional 2,396 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Stock Performance

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 has a market cap of $1.89 billion, a PE ratio of 15.74, a P/E/G ratio of 0.63 and a beta of 0.77. The business has a fifty day simple moving average of $35.98 and a 200-day simple moving average of $33.47. 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 released its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share 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 analyst estimates of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. As a group, equities analysts predict that Harmony Biosciences will post 2.36 EPS for the current fiscal year.

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.