Harrow, Inc. $HROW Stock Position Cut by Opaleye Management Inc.

Key Points

• Opaleye Management reduced its Harrow position by 15.3% in the second quarter, selling 432,230 shares while retaining 2.4 million shares valued at approximately $101.9 million. Institutional investors collectively own 72.76% of the stock.
• Analyst sentiment remains mixed but leans positive: Harrow has a “Moderate Buy” consensus rating and an average price target of $66.38, despite recent ratings ranging from “outperform” and “buy” to “strong sell.”
• Harrow reported a quarterly loss of $0.46 per share, missing estimates of a $0.18 loss, while revenue of $70.66 million slightly exceeded expectations. The stock opened at $36.58, below its 50-day moving average of $40.47.

Opaleye Management Inc. cut its position in Harrow, Inc. (NASDAQ:HROW - Free Report) by 15.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,400,000 shares of the company's stock after selling 432,230 shares during the quarter. Harrow makes up approximately 9.2% of Opaleye Management Inc.'s investment portfolio, making the stock its 3rd largest holding. Opaleye Management Inc. owned about 6.40% of Harrow worth $101,928,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of HROW. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Harrow in the 4th quarter valued at about $26,000. KBC Group NV bought a new position in shares of Harrow during the 1st quarter worth approximately $31,000. Raymond James Financial Inc. bought a new position in shares of Harrow during the 2nd quarter worth approximately $48,000. First Bancorp Inc ME purchased a new stake in Harrow during the second quarter valued at approximately $64,000. Finally, State of Wyoming purchased a new stake in Harrow during the second quarter valued at approximately $72,000. 72.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on HROW shares. Leerink Partners started coverage on shares of Harrow in a research note on Wednesday. They issued an "outperform" rating and a $45.00 target price for the company. 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 objective on shares of Harrow in a report on Tuesday, August 11th. Zacks Research cut Harrow from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen upgraded Harrow from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $66.38.

Harrow Price Performance

NASDAQ HROW opened at $36.58 on Friday. The company has a market cap of $1.37 billion, a price-to-earnings 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. The stock's fifty day moving average price is $40.47 and its 200 day moving average price is $38.80. Harrow, Inc. has a 1 year low of $28.54 and a 1 year high of $54.85.

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

Insider Activity

In related news, insider Amir Shojaei sold 11,250 shares of the business's stock in a transaction 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 transaction, the insider directly owned 11,250 shares in the company, valued at $450,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.80% of the stock is currently owned by company insiders.

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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