Harrow (NASDAQ:HROW) Upgraded by Zacks Research to Hold Rating

Key Points

• Zacks Research upgraded Harrow from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with a consensus price target of $66.38.
• Harrow shares opened at $36.58, below their 52-week high of $54.85. The company recently reported quarterly revenue of $70.66 million, slightly above estimates, but its adjusted loss of $0.46 per share significantly missed expectations.
• An insider sold 11,250 shares for $450,000, reducing his position by 50%; institutional investors and hedge funds own approximately 72.76% of Harrow’s stock.

Harrow (NASDAQ:HROW - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Wednesday, Zacks reports.

Several other brokerages also recently commented on HROW. BTIG Research reiterated a "buy" rating and set a $63.00 price target on shares of Harrow in a report on Tuesday, August 11th. Leerink Partners assumed coverage on shares of Harrow in a research report on Wednesday. They set an "outperform" rating and a $45.00 target price for the company. Cantor Fitzgerald decreased their price target on shares of Harrow from $91.00 to $88.00 and set an "overweight" rating for the company in a report on Wednesday, May 13th. Wall Street Zen raised Harrow from a "sell" rating to a "hold" rating in a research report 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 equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Harrow has an average rating of "Moderate Buy" and a consensus price target of $66.38.

Harrow Price Performance

Shares of NASDAQ:HROW opened at $36.58 on Wednesday. Harrow has a fifty-two week low of $28.54 and a fifty-two week high of $54.85. The business has a 50-day moving average of $40.47 and a two-hundred day moving average of $38.80. The stock has a market capitalization of $1.37 billion, a P/E ratio of -36.58 and a beta of 0.24. 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 (NASDAQ:HROW - Get Free Report) last released its quarterly 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). Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%.The company had revenue of $70.66 million for the quarter, compared to the consensus estimate of $70.35 million.

Insider Buying and Selling

In other Harrow news, insider Amir Shojaei sold 11,250 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $40.00, for a total value of $450,000.00. Following the completion of the sale, the insider owned 11,250 shares in the company, valued at approximately $450,000. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.80% of the stock is currently owned by company insiders.

Institutional Trading of Harrow

Several institutional investors have recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Harrow in the fourth quarter valued at $26,000. KBC Group NV acquired a new stake in Harrow during the first quarter worth $31,000. First Bancorp Inc ME acquired a new stake in Harrow during the second quarter worth $64,000. Raymond James Financial Inc. bought a new stake in Harrow in the 2nd quarter valued at $48,000. Finally, State of Wyoming bought a new stake in Harrow in the 2nd quarter valued at $72,000. Institutional investors and hedge funds 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.

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