Harrow (NASDAQ:HROW) Given Buy Rating at BTIG Research

Key Points

• BTIG Research reaffirmed a Buy rating on Harrow and set a $63 price target, implying 61.43% upside from the stock’s $39.03 trading price. Analysts overall assign the shares a “Moderate Buy” rating with an average target of $69.43.
• Harrow shares fell 4.1% during Tuesday trading, while the company’s latest quarterly results showed an EPS loss of $0.34, missing estimates by $0.16, despite revenue of $70.66 million slightly exceeding expectations.
• Insiders recently purchased shares, and institutional investors—including BlackRock—added positions; insiders own 12.8% of the stock, while institutional investors and hedge funds own 72.76%.

Harrow (NASDAQ:HROW - Get Free Report)'s stock had its "buy" rating reissued by analysts at BTIG Research in a report issued on Tuesday,Benzinga reports. They currently have a $63.00 price target on the stock. BTIG Research's price target indicates a potential upside of 61.43% from the stock's current price.

Several other research analysts also recently commented on HROW. Cantor Fitzgerald dropped their price target on Harrow from $91.00 to $88.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Harrow from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Harrow in a research report on Monday, July 20th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $69.43.

Harrow Stock Down 4.1%

Shares of NASDAQ HROW traded down $1.67 during trading hours on Tuesday, hitting $39.03. The stock had a trading volume of 1,185,677 shares, compared to its average volume of 730,402. The company has a market capitalization of $1.45 billion, a P/E ratio of -94.74 and a beta of 0.28. The firm's 50-day moving average price is $40.47 and its two-hundred day moving average price is $40.02. Harrow has a 52 week low of $28.54 and a 52 week high of $54.85. The company has a debt-to-equity ratio of 10.30, a quick ratio of 2.30 and a current ratio of 2.48.

Harrow (NASDAQ:HROW - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.16). The business had revenue of $70.66 million for the quarter, compared to analyst estimates of $70.35 million. Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%. Analysts anticipate that Harrow will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Harrow

In other news, Director Adrienne L. Graves acquired 1,000 shares of the firm's stock in a transaction on Monday, May 18th. The shares were purchased at an average cost of $31.07 per share, with a total value of $31,070.00. Following the completion of the purchase, the director owned 1,000 shares of the company's stock, valued at $31,070. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew R. Boll acquired 3,500 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $29.90 per share, with a total value of $104,650.00. Following the acquisition, the chief financial officer owned 814,679 shares of the company's stock, valued at approximately $24,358,902.10. This represents a 0.43% increase in their position. The disclosure for this purchase is available in the SEC filing. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Harrow

A number of institutional investors and hedge funds have recently bought and sold shares of HROW. Pasadena Private Wealth LLC bought a new stake in shares of Harrow during the second quarter worth $212,000. Alpine Woods Capital Investors LLC acquired a new position in Harrow during the 2nd quarter worth about $221,000. BlackRock Inc. acquired a new position in Harrow during the 2nd quarter worth about $116,373,000. Deutsche Bank AG bought a new stake in Harrow during the 2nd quarter worth about $3,010,000. Finally, Perigon Wealth Management LLC bought a new stake in Harrow during the 2nd quarter worth about $562,000. Institutional investors and hedge funds own 72.76% of the company's stock.

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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