Harrow (NASDAQ:HROW) Raised to "Strong-Buy" at Leerink Partners

Key Points

• Leerink Partners upgraded Harrow to “strong buy,” while analysts overall give the stock a “Moderate Buy” consensus rating and an average price target of $66.38.
• Harrow shares opened at $37.55, within a one-year range of $28.54 to $54.85. The company recently reported quarterly revenue of $70.66 million but posted an adjusted loss of $0.46 per share, missing estimates.
• Insider Amir Shojaei sold 11,250 shares for $450,000, reducing his position by half, while institutional investors own 72.76% of Harrow’s stock.

Harrow (NASDAQ:HROW - Get Free Report) was upgraded by stock analysts at Leerink Partners to a "strong-buy" rating in a research report issued on Wednesday, Zacks reports.

HROW has been the topic of a number of other reports. Weiss Ratings restated a "sell (e+)" rating on shares of Harrow in a report on Monday, July 20th. Wall Street Zen upgraded Harrow from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. BTIG Research restated a "buy" rating and issued a $63.00 price target on shares of Harrow in a research note on Tuesday, August 11th. Zacks Research downgraded Harrow from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald lowered their price objective on Harrow from $91.00 to $88.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Harrow has an average rating of "Moderate Buy" and a consensus target price of $66.38.

Harrow Stock Performance

Shares of Harrow stock opened at $37.55 on Wednesday. The business has a 50-day simple moving average of $40.60 and a 200-day simple moving average of $38.91. The company has a debt-to-equity ratio of 19.70, a quick ratio of 2.08 and a current ratio of 2.24. Harrow has a one year low of $28.54 and a one year high of $54.85. The company has a market cap of $1.41 billion, a PE ratio of -37.55 and a beta of 0.24.

Harrow (NASDAQ:HROW - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.28). Harrow had a negative net margin of 13.51% and a negative return on equity of 38.00%. The firm had revenue of $70.66 million during the quarter, compared to analyst estimates of $70.35 million.

Insider Buying and Selling at Harrow

In other news, insider Amir Shojaei sold 11,250 shares of the business's stock in a transaction that occurred on 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 sale, the insider owned 11,250 shares in the company, valued at approximately $450,000. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC lifted its position in Harrow by 13.1% in the fourth quarter. Larson Financial Group LLC now owns 2,446 shares of the company's stock valued at $120,000 after acquiring an additional 284 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Harrow by 2.1% in the second quarter. The Manufacturers Life Insurance Company now owns 16,547 shares of the company's stock valued at $505,000 after acquiring an additional 341 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of Harrow by 0.5% during the fourth quarter. Captrust Financial Advisors now owns 69,959 shares of the company's stock worth $3,428,000 after purchasing an additional 376 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Harrow by 1.7% during the third quarter. Alliancebernstein L.P. now owns 29,520 shares of the company's stock worth $1,422,000 after purchasing an additional 500 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Harrow during the fourth quarter worth about $26,000. 72.76% of the stock is owned by hedge funds and other 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.

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