Harrow (NASDAQ:HROW) Posts Quarterly Earnings Results

Harrow (NASDAQ:HROW) issued its quarterly earnings results on Monday. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.28), FiscalAI reports. The firm had revenue of $70.66 million for the quarter, compared to analysts’ expectations of $70.35 million. Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%.

Harrow Price Performance

NASDAQ:HROW traded up $0.26 during mid-day trading on Monday, hitting $40.70. 786,833 shares of the stock traded hands, compared to its average volume of 727,567. The business’s 50-day moving average price is $40.34 and its 200 day moving average price is $40.07. The company has a market cap of $1.52 billion, a PE ratio of -99.27 and a beta of 0.28. Harrow has a 12-month low of $28.54 and a 12-month high of $54.85. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 10.30.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a report on Monday, July 20th. Wall Street Zen downgraded shares of Harrow from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. BTIG Research reiterated a “buy” rating and set a $63.00 target price on shares of Harrow in a research report on Tuesday, July 21st. Finally, Cantor Fitzgerald reduced their target price on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.43.

Insider Buying and Selling

In other news, CFO Andrew R. Boll bought 3,500 shares of the stock in a transaction on Thursday, May 14th. The shares were acquired at an average cost of $29.90 per share, for a total transaction of $104,650.00. Following the purchase, the chief financial officer directly owned 814,679 shares of the company’s stock, valued at $24,358,902.10. This trade represents a 0.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Adrienne L. Graves purchased 1,000 shares of Harrow stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $31.07 per share, with a total value of $31,070.00. Following the completion of the transaction, the director directly owned 1,000 shares in the company, valued at approximately $31,070. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Harrow

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in Harrow by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 785,089 shares of the company’s stock worth $38,477,000 after buying an additional 9,445 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Harrow by 32.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 370,548 shares of the company’s stock worth $18,159,000 after acquiring an additional 90,331 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Harrow by 28.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 366,533 shares of the company’s stock valued at $17,960,000 after acquiring an additional 80,368 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Harrow by 17.9% in the 4th quarter. New York State Common Retirement Fund now owns 252,019 shares of the company’s stock valued at $12,349,000 after acquiring an additional 38,230 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Harrow by 266.8% during the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company’s stock valued at $6,519,000 after acquiring an additional 155,258 shares during the last quarter. Institutional investors own 72.76% of the company’s stock.

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.