BTIG Research Reaffirms Buy Rating for Harrow (NASDAQ:HROW)

Harrow (NASDAQ:HROW)‘s stock had its “buy” rating reiterated by investment analysts at BTIG Research in a note issued to investors on Wednesday, Benzinga reports. They presently have a $63.00 target price on the stock. BTIG Research’s price objective points to a potential upside of 106.42% from the stock’s current price.

A number of other equities analysts have also issued reports on HROW. Zacks Research raised Harrow from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. Wall Street Zen raised Harrow from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Leerink Partners initiated coverage on Harrow in a research report on Wednesday, September 9th. They set an “outperform” rating and a $45.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Harrow in a research note on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.17.

Harrow Stock Down 0.3%

Shares of NASDAQ:HROW opened at $30.52 on Wednesday. The stock has a market cap of $1.14 billion, a P/E ratio of -30.52 and a beta of 0.19. The firm has a fifty day moving average price of $36.48 and a 200 day moving average price of $37.58. The company has a debt-to-equity ratio of 19.70, a current ratio of 2.24 and a quick ratio of 2.08. Harrow has a 1-year low of $28.54 and a 1-year high of $54.85.

Harrow (NASDAQ:HROW) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.28). Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%.The business had revenue of $70.66 million for the quarter, compared to analysts’ expectations of $70.35 million.

Insider Activity at Harrow

In other news, insider Amir Shojaei sold 11,250 shares of Harrow stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.00, for a total value of $450,000.00. Following the sale, the insider owned 11,250 shares of the company’s stock, valued at $450,000. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Harrow in the 2nd quarter valued at approximately $116,373,000. Luxor Capital Group LP raised its stake in shares of Harrow by 22.0% during the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock worth $39,470,000 after buying an additional 201,859 shares in the last quarter. Bamco Inc. NY purchased a new position in shares of Harrow during the 2nd quarter worth approximately $34,373,000. Jupiter Topco LLC acquired a new stake in shares of Harrow in the 2nd quarter valued at approximately $24,596,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Harrow by 56.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock valued at $20,428,000 after buying an additional 208,972 shares during the period. 72.76% of the stock is owned by hedge funds and other institutional investors.

About Harrow

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing prescription products for the treatment of eye conditions. Its portfolio is designed to serve ophthalmologists, optometrists, ambulatory surgery centers, and other eye-care providers across areas including dry eye disease, ocular inflammation, infection, and surgical care.

The company’s products include VEVYE, a cyclosporine ophthalmic emulsion for the treatment of signs and symptoms of dry eye disease, and IHEEZO, an ophthalmic anesthetic used in certain ocular procedures.