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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 3,380,000 shares, an increase of 32.5% from the May 15th total of 2,550,000 shares. Based on an average daily trading volume, of 701,400 shares, the days-to-cover ratio is currently 4.8 days. Currently, 7.8% of the company's shares are sold short.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in HRMY. Financial Management Professionals Inc. acquired a new stake in shares of Harmony Biosciences during the 1st quarter worth about $29,000. Brooklyn Investment Group raised its position in shares of Harmony Biosciences by 1,031.9% during the 1st quarter. Brooklyn Investment Group now owns 1,064 shares of the company's stock worth $35,000 after acquiring an additional 970 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Harmony Biosciences during the 4th quarter worth about $41,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Harmony Biosciences during the 1st quarter worth about $57,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Harmony Biosciences by 28.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company's stock worth $80,000 after acquiring an additional 519 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

Harmony Biosciences Stock Down 1.3%

HRMY stock traded down $0.43 during mid-day trading on Tuesday, reaching $32.47. The company had a trading volume of 748,240 shares, compared to its average volume of 625,932. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.63 and a current ratio of 3.67. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.49 and a beta of 0.87. The firm has a fifty day simple moving average of $32.40 and a 200 day simple moving average of $34.03. Harmony Biosciences has a fifty-two week low of $26.47 and a fifty-two week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.19. The company had revenue of $184.73 million for the quarter, compared to analyst estimates of $184.26 million. Harmony Biosciences had a return on equity of 24.32% and a net margin of 20.53%. Harmony Biosciences's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 EPS. Analysts forecast that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

HRMY has been the subject of a number of research analyst reports. UBS Group lowered their price target on Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating for the company in a report on Monday, April 28th. HC Wainwright reiterated a "buy" rating and set a $70.00 price target on shares of Harmony Biosciences in a report on Tuesday, April 8th. Oppenheimer initiated coverage on Harmony Biosciences in a report on Monday, June 2nd. They set an "outperform" rating and a $61.00 price target for the company. Cantor Fitzgerald upgraded Harmony Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Mizuho increased their price target on Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of "Buy" and an average target price of $53.00.

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.

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