Harrow (NASDAQ:HROW) Trading Down 4.8% - What's Next?

Key Points

• Harrow shares fell 4.8% on Thursday, trading as low as $42.93 after closing at $45.07, with volume well below average.
• Recent analyst moves were mixed: some firms cut ratings or price targets, but the stock still holds a Moderate Buy consensus with an average price target of $69.43.
• The company recently reported Q1 earnings and revenue below expectations, posting a loss of $0.74 per share versus the expected $0.43 loss and revenue of $44.2 million versus $52.43 million expected.

Harrow, Inc. (NASDAQ:HROW - Get Free Report)'s stock price fell 4.8% during trading on Thursday . The company traded as low as $42.93 and last traded at $42.92. 323,427 shares traded hands during trading, a decline of 58% from the average session volume of 764,677 shares. The stock had previously closed at $45.07.

Analyst Ratings Changes

A number of brokerages recently issued reports on HROW. Nomura cut Harrow to a "neutral" rating in a report on Wednesday, March 18th. Zacks Research raised Harrow from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Weiss Ratings lowered Harrow from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, April 22nd. B. Riley Financial reissued a "buy" rating and issued a $65.00 price target (down from $74.00) on shares of Harrow in a research note on Tuesday, April 7th. Finally, Cantor Fitzgerald cut their price objective on Harrow from $91.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, May 13th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $69.43.

Harrow Stock Performance

The firm's 50 day simple moving average is $37.59 and its 200-day simple moving average is $41.35. The company has a debt-to-equity ratio of 10.30, a quick ratio of 2.30 and a current ratio of 2.48. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -104.88 and a beta of 0.26.

Harrow (NASDAQ:HROW - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.31). Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%.The business had revenue of $44.20 million during the quarter, compared to analyst estimates of $52.43 million. During the same period last year, the business earned ($0.38) EPS. Analysts expect that Harrow, Inc. will post 0.29 EPS for the current year.

Insider Transactions at Harrow

In other Harrow news, Director Adrienne L. Graves bought 1,000 shares of the stock in a transaction on Monday, May 18th. The shares were bought at an average price of $31.07 per share, with a total value of $31,070.00. Following the purchase, the director directly owned 1,000 shares in the company, valued at $31,070. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew R. Boll bought 3,500 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price of $29.90 per share, for a total transaction of $104,650.00. Following the acquisition, the chief financial officer directly owned 814,679 shares in the company, valued at $24,358,902.10. This trade represents a 0.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in HROW. Penn Capital Management Company LLC purchased a new stake in shares of Harrow during the 3rd quarter worth about $15,717,000. Luxor Capital Group LP bought a new stake in shares of Harrow in the 3rd quarter valued at approximately $14,807,000. Dimensional Fund Advisors LP increased its holdings in Harrow by 56.4% in the first quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company's stock worth $20,428,000 after buying an additional 208,972 shares during the last quarter. Bank of America Corp DE increased its holdings in Harrow by 266.8% in the second quarter. Bank of America Corp DE now owns 213,448 shares of the company's stock worth $6,519,000 after buying an additional 155,258 shares during the last quarter. Finally, Invesco Ltd. raised its position in Harrow by 967.6% during the second quarter. Invesco Ltd. now owns 150,948 shares of the company's stock valued at $4,610,000 after acquiring an additional 136,809 shares in the last quarter. 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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