Harrow (NASDAQ:HROW) Shares Up 8.9% – Should You Buy?

Shares of Harrow, Inc. (NASDAQ:HROW) shot up 8.9% during trading on Wednesday . The company traded as high as $42.33 and last traded at $41.8040. 591,760 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 751,950 shares. The stock had previously closed at $38.40.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on HROW. Zacks Research upgraded shares of Harrow from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. HC Wainwright restated a “buy” rating and issued a $70.00 price target on shares of Harrow in a research note on Thursday, March 19th. B. Riley Financial restated a “buy” rating and issued a $65.00 price target (down from $74.00) on shares of Harrow in a research note on Tuesday, April 7th. Cantor Fitzgerald dropped their price target on Harrow from $91.00 to $88.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Finally, William Blair restated 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.43.

Harrow Price Performance

The firm has a 50 day moving average of $36.15 and a 200-day moving average of $41.60. The company has a market cap of $1.53 billion, a P/E ratio of -100.72 and a beta of 0.28. The company has a current ratio of 2.48, a quick ratio of 2.30 and a debt-to-equity ratio of 10.30.

Harrow (NASDAQ:HROW) last issued its earnings results on Monday, May 11th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.31). The business had revenue of $44.20 million for the quarter, compared to the consensus estimate of $52.43 million. Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%. During the same period last year, the business posted ($0.38) EPS. On average, equities research analysts predict that Harrow, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling at Harrow

In related news, CFO Andrew R. Boll bought 3,500 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $29.90 per share, with a total value of $104,650.00. Following the completion of the purchase, the chief financial officer owned 814,679 shares of the company’s stock, valued at approximately $24,358,902.10. The trade was a 0.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Adrienne L. Graves bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average cost of $31.07 per share, with a total value of $31,070.00. Following the completion of the purchase, the director directly owned 1,000 shares of the company’s stock, valued at $31,070. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Harrow

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Penn Capital Management Company LLC bought a new position in Harrow during the third quarter valued at approximately $15,717,000. Lumbard & Kellner LLC purchased a new stake in Harrow during the third quarter valued at $4,281,000. Luxor Capital Group LP purchased a new stake in Harrow during the third quarter valued at $14,807,000. State of Alaska Department of Revenue raised its stake in Harrow by 807.4% during the fourth quarter. State of Alaska Department of Revenue now owns 15,807 shares of the company’s stock valued at $774,000 after purchasing an additional 14,065 shares in the last quarter. Finally, Jefferson Bridge Capital LLC purchased a new stake in Harrow during the fourth quarter valued at $2,587,000. 72.76% of the stock is owned by institutional investors.

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.