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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 6,060,000 shares, a decrease of 18.7% from the October 15th total of 7,450,000 shares. Based on an average trading volume of 683,700 shares, the days-to-cover ratio is presently 8.9 days. Currently, 15.2% of the company’s stock are sold short.

Insider Buying and Selling at Harmony Biosciences

In other 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 value of $869,943.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 30.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC bought a new position in Harmony Biosciences in the 2nd quarter worth $36,000. CWM LLC lifted its position in shares of 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 bought a new position in Harmony Biosciences in the second quarter worth $62,000. Quantbot Technologies LP bought a new position in shares of Harmony Biosciences during the 3rd quarter worth about $74,000. Finally, Headlands Technologies LLC boosted its position in shares of Harmony Biosciences by 1,608.1% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on HRMY. Mizuho lifted their target price on 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 shares of Harmony Biosciences in a research note on Tuesday, September 10th. They set a “buy” rating and a $56.00 target price on the stock. Oppenheimer reissued an “outperform” rating and issued 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 increased their target price on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Raymond James reiterated an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Harmony Biosciences Stock Performance

Shares of HRMY stock opened at $33.22 on Friday. The firm has a market cap of $1.89 billion, a P/E ratio of 15.74, a PEG ratio of 0.62 and a beta of 0.77. The stock’s 50-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. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20.

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. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. During the same quarter in the prior year, the business posted $0.63 EPS. Harmony Biosciences’s quarterly revenue was up 16.0% on a year-over-year basis. Analysts predict that Harmony Biosciences will post 2.36 earnings per share for the current fiscal 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.