Harrow (NASDAQ:HROW) Hits New 12-Month Low - Here's What Happened

Key Points

• Harrow shares hit a new 52-week low, falling 3.5% to an intraday low of $26.96, well below their 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with seven Buy, two Hold and one Sell rating; the consensus price target is $66.17, though targets range from $45 to $63 among recently cited analysts.
• The company missed quarterly EPS expectations, reporting a loss of $0.46 per share versus the expected $0.18 loss, while revenue of $70.66 million slightly exceeded estimates; Harrow also posted negative net margins and return on equity.

Harrow, Inc. (NASDAQ:HROW - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $26.96 and last traded at $27.24, with a volume of 660,255 shares traded. The stock had previously closed at $28.24.

Analysts Set New Price Targets

Several analysts have commented on the company. Leerink Partners initiated coverage on Harrow in a report on Wednesday, September 9th. They issued an "outperform" rating and a $45.00 price target for the company. BTIG Research reaffirmed a "buy" rating and set a $63.00 price objective on shares of Harrow in a research note on Wednesday, October 7th. Wall Street Zen upgraded shares of Harrow from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Zacks Research upgraded shares of Harrow from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 9th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Harrow in a research report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $66.17.

Harrow Trading Down 3.5%

The stock's fifty day simple moving average is $35.62 and its two-hundred day simple moving average is $37.39. The company has a quick ratio of 2.08, a current ratio of 2.24 and a debt-to-equity ratio of 19.70.

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

Insiders Place Their Bets

In related news, insider Amir Shojaei sold 11,250 shares of Harrow stock in a transaction on Friday, August 14th. The stock was sold at an average price of $40.00, for a total value of $450,000.00. Following the transaction, the insider owned 11,250 shares in the company, 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. Insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HROW. KBC Group NV purchased a new position in Harrow in the first quarter valued at about $31,000. First Bancorp Inc ME acquired a new position in shares of Harrow during the second quarter worth about $64,000. State of Wyoming purchased a new stake in shares of Harrow in the second quarter worth about $72,000. Freestone Grove Partners LP purchased a new stake in shares of Harrow in the second quarter worth about $157,000. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Harrow in the second quarter worth about $169,000. 72.76% of the stock is owned by institutional investors and hedge funds.

About Harrow

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing prescription products for the treatment of eye conditions. Its portfolio is designed to serve ophthalmologists, optometrists, ambulatory surgery centers, and other eye-care providers across areas including dry eye disease, ocular inflammation, infection, and surgical care.

The company's products include VEVYE, a cyclosporine ophthalmic emulsion for the treatment of signs and symptoms of dry eye disease, and IHEEZO, an ophthalmic anesthetic used in certain ocular procedures.

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