Harrow’s (HROW) “Buy” Rating Reaffirmed at BTIG Research

Harrow (NASDAQ:HROW)‘s stock had its “buy” rating reissued by BTIG Research in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $63.00 price target on the stock. BTIG Research’s price objective would suggest a potential upside of 114.61% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Wall Street Zen raised Harrow from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Harrow in a research report on Monday, July 20th. Leerink Partners began coverage on Harrow in a research report on Wednesday, September 9th. They issued an “outperform” rating and a $45.00 price target for the company. Finally, Zacks Research raised Harrow from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 9th. Seven research 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.17.

Harrow Stock Performance

HROW traded down $1.17 on Wednesday, hitting $29.36. The company’s stock had a trading volume of 1,162,398 shares, compared to its average volume of 698,857. The company’s 50 day simple moving average is $36.48 and its 200-day simple moving average is $37.58. Harrow has a 12 month low of $27.00 and a 12 month high of $54.85. The firm has a market cap of $1.10 billion, a P/E ratio of -29.40 and a beta of 0.19. The company has a quick ratio of 2.08, a current ratio of 2.24 and a debt-to-equity ratio of 19.70.

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

Insider Buying and Selling at Harrow

In related news, insider Amir Shojaei sold 11,250 shares of Harrow stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.00, for a total value of $450,000.00. Following the completion of the transaction, the insider owned 11,250 shares in the company, valued at approximately $450,000. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Harrow

Hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new position in Harrow in the second quarter valued at $358,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Harrow during the second quarter valued at approximately $425,000. FirstWave Capital Management LLC grew its holdings in Harrow by 47.3% in the 2nd quarter. FirstWave Capital Management LLC now owns 211,981 shares of the company’s stock worth $9,003,000 after buying an additional 68,058 shares in the last quarter. Pale Fire Capital SE grew its holdings in Harrow by 23.5% in the 2nd quarter. Pale Fire Capital SE now owns 10,515 shares of the company’s stock worth $447,000 after buying an additional 2,000 shares in the last quarter. Finally, Grandeur Peak Global Advisors LLC bought a new position in Harrow during the 2nd quarter valued at $610,000. 72.76% of the stock is owned by hedge funds and other institutional investors.

Harrow Company Profile

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.