Harrow (NASDAQ:HROW) Stock Price Down 4.9% – What’s Next?

Harrow, Inc. (NASDAQ:HROW) shares traded down 4.9% during mid-day trading on Friday . The company traded as low as $34.97 and last traded at $34.78. 325,568 shares were traded during trading, a decline of 54% from the average daily volume of 702,434 shares. The stock had previously closed at $36.58.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HROW. Zacks Research upgraded shares of Harrow from a “strong sell” rating to a “hold” rating in a research note on Wednesday. BTIG Research restated a “buy” rating and set a $63.00 price target on shares of Harrow in a report on Tuesday, August 11th. Leerink Partners began coverage on shares of Harrow in a research report on Wednesday. They issued an “outperform” rating and a $45.00 price objective for the company. Wall Street Zen upgraded shares of Harrow from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Harrow in a research note on Monday, July 20th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $66.38.

Harrow Stock Performance

The company has a 50-day simple moving average of $40.47 and a two-hundred day simple moving average of $38.80. The company has a quick ratio of 2.08, a current ratio of 2.24 and a debt-to-equity ratio of 19.70. The firm has a market cap of $1.30 billion, a PE ratio of -34.75 and a beta of 0.24.

Harrow (NASDAQ:HROW) last announced its earnings results 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). The business 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%.

Insiders Place Their Bets

In related news, insider Amir Shojaei sold 11,250 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.00, for a total transaction of $450,000.00. Following the completion of the transaction, the insider owned 11,250 shares in the company, valued at approximately $450,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.80% of the company’s stock.

Institutional Trading of Harrow

Several hedge funds have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC raised its stake in Harrow by 20.5% in the 4th quarter. Penn Capital Management Company LLC now owns 392,067 shares of the company’s stock valued at $19,257,000 after acquiring an additional 66,589 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Harrow by 56.4% during the first quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock valued at $20,428,000 after purchasing an additional 208,972 shares during the last quarter. Luxor Capital Group LP boosted its position in Harrow by 22.0% during the first quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock worth $39,470,000 after purchasing an additional 201,859 shares during the period. Rice Hall James & Associates LLC boosted its position in Harrow by 8.5% during the fourth quarter. Rice Hall James & Associates LLC now owns 361,998 shares of the company’s stock worth $17,738,000 after purchasing an additional 28,303 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Harrow by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 1,921,683 shares of the company’s stock worth $94,162,000 after purchasing an additional 50,889 shares in the last quarter. Institutional investors own 72.76% of the company’s stock.

About Harrow

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.