Bank of New York Mellon Corp Invests $3.62 Million in Harrow, Inc. $HROW

Key Points

• Bank of New York Mellon acquired 85,363 Harrow shares worth approximately $3.62 million, while institutional investors collectively own 72.76% of the company.
• Analyst sentiment remains mixed but leans positive: Harrow has a “Moderate Buy” consensus rating from 11 analysts and an average price target of $69.43, despite recent downgrades and target-price reductions.
• Harrow reported a quarterly loss of $0.46 per share, missing estimates by $0.28, though revenue of $70.66 million slightly exceeded expectations. An insider also sold 11,250 shares for $450,000.

Bank of New York Mellon Corp acquired a new stake in shares of Harrow, Inc. (NASDAQ:HROW - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 85,363 shares of the company's stock, valued at approximately $3,625,000. Bank of New York Mellon Corp owned about 0.23% of Harrow as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in HROW. Vanguard Group Inc. increased its stake in Harrow by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 1,921,683 shares of the company's stock valued at $94,162,000 after acquiring an additional 50,889 shares during the period. Luxor Capital Group LP lifted its position in shares of Harrow by 22.0% in the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company's stock worth $39,470,000 after acquiring an additional 201,859 shares during the period. Geode Capital Management LLC lifted its position in shares of Harrow by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 785,089 shares of the company's stock worth $38,477,000 after acquiring an additional 9,445 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Harrow by 56.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company's stock worth $20,428,000 after purchasing an additional 208,972 shares in the last quarter. Finally, Penn Capital Management Company LLC grew its holdings in shares of Harrow by 20.5% during the 4th quarter. Penn Capital Management Company LLC now owns 392,067 shares of the company's stock worth $19,257,000 after purchasing an additional 66,589 shares in the last quarter. Institutional investors own 72.76% of the company's stock.

Analyst Upgrades and Downgrades

HROW has been the subject of several research reports. Zacks Research cut Harrow from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Harrow from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Cantor Fitzgerald decreased their target price on shares of Harrow from $91.00 to $88.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Harrow in a research report on Monday, July 20th. Finally, BTIG Research reissued a "buy" rating and issued a $63.00 target price on shares of Harrow in a research note on Tuesday, August 11th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Harrow presently has an average rating of "Moderate Buy" and a consensus price target of $69.43.

Insiders Place Their Bets

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 shares were sold at an average price of $40.00, for a total value of $450,000.00. Following the transaction, the insider directly owned 11,250 shares of the company's stock, valued at approximately $450,000. This trade represents a 50.00% decrease in their ownership of the stock. 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 owned by corporate insiders.

Harrow Stock Performance

Shares of HROW opened at $38.54 on Monday. The company has a debt-to-equity ratio of 19.70, a quick ratio of 2.08 and a current ratio of 2.24. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -38.54 and a beta of 0.24. The stock has a fifty day moving average price of $40.85 and a two-hundred day moving average price of $39.17. Harrow, Inc. has a 52-week low of $28.54 and a 52-week high of $54.85.

Harrow (NASDAQ:HROW - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.46) EPS 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 the consensus estimate of $70.35 million. Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%.

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.

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