Bank of America Corp DE Makes New $4.57 Million Investment in Harrow, Inc. $HROW

Key Points

• Bank of America acquired a new Harrow stake of 107,497 shares worth approximately $4.57 million, representing 0.29% of the company. Institutional investors collectively own 72.76% of HROW.
• Analyst sentiment is generally positive: seven analysts rate Harrow a Buy, two rate it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and a $66.17 average price target.
• Harrow’s latest quarter showed a wider-than-expected loss, with EPS of negative $0.46 versus the $0.18 consensus estimate, despite revenue of $70.66 million slightly exceeding expectations.

Bank of America Corp DE acquired a new stake in Harrow, Inc. (NASDAQ:HROW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 107,497 shares of the company's stock, valued at approximately $4,565,000. Bank of America Corp DE owned 0.29% of Harrow at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of HROW. BlackRock Inc. bought a new position in Harrow during the 2nd quarter valued at approximately $116,373,000. Luxor Capital Group LP increased its stake in shares of Harrow by 22.0% during the first quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company's stock valued at $39,470,000 after buying an additional 201,859 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of 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 acquiring an additional 208,972 shares in the last quarter. Jupiter Topco LLC purchased a new stake in Harrow in the second quarter worth $24,596,000. Finally, Rice Hall James & Associates LLC bought a new stake in Harrow in the second quarter valued at $16,459,000. 72.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

HROW has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Harrow in a research report on Monday, July 20th. BTIG Research reiterated a "buy" rating and set a $63.00 price target on shares of Harrow in a research report on Tuesday, August 11th. Zacks Research raised shares of Harrow from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 9th. Wall Street Zen upgraded shares of Harrow from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Leerink Partners started coverage on Harrow in a research report on Wednesday, September 9th. They set an "outperform" rating and a $45.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $66.17.

Insider Activity

In related news, insider Amir Shojaei sold 11,250 shares of Harrow stock in a transaction 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 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 SEC, which is available at this link. 12.80% of the stock is currently owned by company insiders.

Harrow Stock Performance

HROW stock opened at $31.60 on Tuesday. The stock has a market capitalization of $1.18 billion, a PE ratio of -31.60 and a beta of 0.24. Harrow, Inc. has a 12-month low of $28.54 and a 12-month high of $54.85. The company has a current ratio of 2.24, a quick ratio of 2.08 and a debt-to-equity ratio of 19.70. The stock's 50 day simple moving average is $38.00 and its 200 day simple moving average is $37.82.

Harrow (NASDAQ:HROW - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.46) 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%.

Harrow Company Profile

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing products for the treatment of eye conditions and for use in ophthalmic procedures. The company serves ophthalmologists, optometrists, ambulatory surgery centers, and other eye-care providers, primarily in the United States.

Harrow's portfolio includes VEVYE, a cyclosporine ophthalmic emulsion indicated for the treatment of signs and symptoms of dry eye disease, and IHEEZO, a chloroprocaine hydrochloride ophthalmic gel used to provide topical ocular anesthesia during ophthalmic procedures.

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