Harrow (NASDAQ:HROW) Shares Gap Down Following Weak Earnings

Harrow, Inc. (NASDAQ:HROW) shares gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $38.04, but opened at $33.87. Harrow shares last traded at $31.7450, with a volume of 1,382,984 shares trading hands.

The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.31). Harrow had a negative net margin of 1.89% and a positive return on equity of 36.51%. The company had revenue of $44.20 million for the quarter, compared to the consensus estimate of $52.43 million. During the same period in the previous year, the firm posted ($0.38) EPS.

Analysts Set New Price Targets

HROW has been the subject of several research reports. Cantor Fitzgerald decreased their target price on Harrow from $94.00 to $91.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Harrow in a research note on Thursday, March 19th. Nomura lowered Harrow to a “neutral” rating in a research report on Wednesday, March 18th. Weiss Ratings cut shares of Harrow from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. Finally, William Blair reiterated an “outperform” rating on shares of Harrow in a research note on Tuesday, March 3rd. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Harrow presently has an average rating of “Moderate Buy” and an average price target of $69.86.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Harrow in the fourth quarter worth $26,000. KBC Group NV purchased a new position in shares of Harrow in the 1st quarter worth about $31,000. SBI Securities Co. Ltd. boosted its stake in Harrow by 393.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company’s stock worth $52,000 after purchasing an additional 846 shares in the last quarter. Raymond James Financial Inc. bought a new position in Harrow in the 2nd quarter worth about $48,000. Finally, State of Alaska Department of Revenue purchased a new stake in Harrow during the 3rd quarter valued at about $83,000. Hedge funds and other institutional investors own 72.76% of the company’s stock.

Harrow Stock Down 20.9%

The company has a market capitalization of $1.12 billion, a PE ratio of -180.58 and a beta of 0.34. The company has a debt-to-equity ratio of 4.67, a quick ratio of 2.06 and a current ratio of 2.20. The company’s 50-day moving average is $37.81 and its 200 day moving average is $42.40.

Harrow Company Profile

Harrow Health, Inc (NASDAQ: HROW) is a U.S.-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacturing and distribution of proprietary, generic and branded eye care products designed to treat a range of ocular conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.

Through its wholly owned affiliate ImprimisRx, Harrow Health offers a direct-to-physician model for customized formulations as well as low-cost generic alternatives.