JPMorgan Chase & Co. Sells 42,246 Shares of Harrow, Inc. $HROW

Key Points

• JPMorgan Chase cut its Harrow stake by 53.9%, selling 42,246 shares and leaving it with 36,167 shares worth about $1.74 million (roughly 0.10% of the company) at quarter-end.
• Several other institutions added positions—most notably Penn Capital (~$15.7M) and Luxor Capital (~$14.8M)—bringing total institutional ownership to 72.76%.
• Analysts have a consensus rating of “Moderate Buy” with a $69.86 target, while the stock trades near $35.43, has a $1.32B market cap and a negative P/E (-208.4).

JPMorgan Chase & Co. lowered its position in Harrow, Inc. (NASDAQ:HROW - Free Report) by 53.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,167 shares of the company's stock after selling 42,246 shares during the quarter. JPMorgan Chase & Co. owned about 0.10% of Harrow worth $1,743,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Penn Capital Management Company LLC bought a new position in shares of Harrow in the third quarter worth $15,717,000. Verition Fund Management LLC bought a new position in Harrow in the third quarter valued at $296,000. Scientech Research LLC bought a new position in Harrow in the third quarter valued at $731,000. Luxor Capital Group LP bought a new position in Harrow in the third quarter valued at $14,807,000. Finally, Larson Financial Group LLC increased its stake in Harrow by 848.2% in the third quarter. Larson Financial Group LLC now owns 2,162 shares of the company's stock valued at $104,000 after acquiring an additional 1,934 shares during the last quarter. Institutional investors own 72.76% of the company's stock.

Harrow Stock Performance

NASDAQ HROW opened at $35.43 on Wednesday. The company has a 50-day simple moving average of $41.75 and a two-hundred day simple moving average of $43.05. The company has a quick ratio of 2.06, a current ratio of 2.20 and a debt-to-equity ratio of 4.67. Harrow, Inc. has a 12-month low of $20.85 and a 12-month high of $54.85. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -208.40 and a beta of 0.31.

Analyst Ratings Changes

HROW has been the topic of a number of research analyst reports. Nomura cut Harrow to a "neutral" rating in a research note on Wednesday, March 18th. William Blair reissued an "outperform" rating on shares of Harrow in a research note on Tuesday, March 3rd. B. Riley Financial reissued a "buy" rating and issued a $65.00 target price (down from $74.00) on shares of Harrow in a research note on Tuesday. Cantor Fitzgerald reduced their target price on Harrow from $94.00 to $91.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 4th. Finally, BTIG Research reissued a "buy" rating and issued a $63.00 target price on shares of Harrow in a research note on Wednesday, March 18th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $69.86.

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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