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

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) was the target of a significant decrease in short interest in May. As of May 15th, there was short interest totalling 2,550,000 shares, a decrease of 21.5% from the April 30th total of 3,250,000 shares. Approximately 5.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 738,700 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in shares of Harmony Biosciences by 0.4% in the 1st quarter. Rhumbline Advisers now owns 109,073 shares of the company's stock valued at $3,620,000 after acquiring an additional 485 shares during the last quarter. Strs Ohio bought a new position in shares of Harmony Biosciences in the 1st quarter valued at $587,000. Acadian Asset Management LLC bought a new position in shares of Harmony Biosciences in the 1st quarter valued at $4,589,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Harmony Biosciences by 53.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 95,389 shares of the company's stock valued at $3,166,000 after acquiring an additional 33,058 shares during the last quarter. Finally, Woodline Partners LP bought a new position in shares of Harmony Biosciences in the 1st quarter valued at $6,035,000. 86.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on HRMY shares. Oppenheimer started coverage on Harmony Biosciences in a research report on Monday. They set an "outperform" rating and a $61.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $70.00 price target on shares of Harmony Biosciences in a research report on Tuesday, April 8th. Cantor Fitzgerald raised Harmony Biosciences to a "strong-buy" rating in a research report on Tuesday, May 13th. UBS Group reduced their price target on Harmony Biosciences from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Needham & Company LLC reissued a "buy" rating and set a $49.00 price target on shares of Harmony Biosciences in a research report on Tuesday, May 6th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Harmony Biosciences presently has an average rating of "Buy" and a consensus target price of $53.00.

Harmony Biosciences Price Performance

NASDAQ HRMY traded down $0.06 on Thursday, hitting $35.10. 223,503 shares of the company's stock were exchanged, compared to its average volume of 611,660. The stock has a 50-day moving average of $31.67 and a 200-day moving average of $34.02. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. Harmony Biosciences has a 52 week low of $26.47 and a 52 week high of $41.61. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 0.47 and a beta of 0.87.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.19. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $184.73 million during the quarter, compared to analysts' expectations of $184.26 million. During the same period in the prior year, the company earned $0.67 earnings per share. The company's quarterly revenue was up 19.5% on a year-over-year basis. Analysts expect that Harmony Biosciences will post 2.43 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.