5 Worst Performing Biotech Stocks in 2023

3. Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

YTD Share Price Decline as of August 7: 36.40%

Number of Hedge Fund Holders: 27

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) specializes in the development of treatments and solutions for neurological diseases. On August 1, Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) announced a Q2 non-GAAP EPS of $0.76, outperforming estimates by $0.02. It also announced a revenue of $134.2 million, falling short of estimates by $7.84 million. Furthermore, the company announced its decision to buy back common stock worth $125 million on August 1. 

According to Insider Monkey’s first quarter database, 27 hedge funds were bullish on Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY), as compared to 26 funds in the previous quarter. Albert Cha and Frank Kung’s Vivo Capital holds the largest position in the company, with 2.60 million shares worth $85 million. 

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