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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 3,490,000 shares, a drop of 15.1% from the March 15th total of 4,110,000 shares. Currently, 8.0% of the shares of the company are short sold. Based on an average daily volume of 683,500 shares, the days-to-cover ratio is presently 5.1 days.

Harmony Biosciences Price Performance

HRMY stock opened at $28.46 on Monday. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 0.47 and a beta of 0.80. The stock’s fifty day simple moving average is $32.92 and its 200-day simple moving average is $34.45. Harmony Biosciences has a 52-week low of $26.47 and a 52-week high of $41.61. 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) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $201.30 million for the quarter, compared to analyst estimates of $201.25 million. During the same period last year, the company earned $0.45 EPS. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. Equities research analysts expect that Harmony Biosciences will post 2.43 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on HRMY. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, April 8th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, April 8th. Mizuho increased their target price on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price objective on the stock. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Harmony Biosciences currently has a consensus rating of “Buy” and a consensus target price of $53.33.

Insiders Place Their Bets

In related news, insider Jeffrey Dierks sold 1,123 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total transaction of $44,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of Harmony Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.13, for a total transaction of $774,228.09. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,945 shares of company stock valued at $2,442,815. 23.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Financial Management Professionals Inc. acquired a new position in shares of Harmony Biosciences in the 1st quarter valued at $29,000. GAMMA Investing LLC raised its holdings in shares of Harmony Biosciences by 92.6% in the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after purchasing an additional 436 shares during the period. Mendota Financial Group LLC grew its stake in Harmony Biosciences by 24,125.0% during the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock worth $33,000 after buying an additional 965 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Harmony Biosciences during the 4th quarter worth $41,000. Finally, KBC Group NV grew its stake in shares of Harmony Biosciences by 79.9% in the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock valued at $63,000 after buying an additional 819 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other 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.