Harrow (NASDAQ:HROW) Reaches New 52-Week Low - Should You Sell?

Key Points

• Harrow shares fell to a new 52-week low of $27.00 during Friday trading and last traded at $29.16, well below their 50-day and 200-day moving averages.
• Despite the decline, analysts maintain a consensus “Moderate Buy” rating with a $66.17 price target; seven analysts rate the stock a Buy, two a Hold, and one a Sell.
• Harrow’s latest quarter showed a wider-than-expected loss of $0.46 per share, although revenue of $70.66 million slightly exceeded estimates. The company reported negative net margin and return on equity, while an insider also sold 11,250 shares.

Harrow, Inc. (NASDAQ:HROW - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday. The stock traded as low as $27.00 and last traded at $29.16, with a volume of 650795 shares traded. The stock had previously closed at $30.52.

Analyst Ratings Changes

A number of brokerages have recently commented on HROW. BTIG Research reaffirmed a "buy" rating and issued a $63.00 target price on shares of Harrow in a report on Wednesday. Leerink Partners initiated coverage on Harrow in a report on Wednesday, September 9th. They set an "outperform" rating and a $45.00 price target on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Harrow in a research note on Monday, July 20th. Wall Street Zen raised Harrow from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Zacks Research raised Harrow from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 9th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.17.

Harrow Price Performance

The company has a market cap of $1.11 billion, a price-to-earnings ratio of -29.23 and a beta of 0.19. The company's 50 day moving average price is $36.48 and its 200 day moving average price is $37.58. The company has a current ratio of 2.24, a quick ratio of 2.08 and a debt-to-equity ratio of 19.70.

Harrow (NASDAQ:HROW - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.46) earnings per share (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 Transactions at Harrow

In other news, insider Amir Shojaei sold 11,250 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was 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 of the company's stock, valued at approximately $450,000. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 12.80% of the company's stock.

Institutional Trading of Harrow

Several hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP acquired a new position in Harrow during the second quarter worth $358,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Harrow in the second quarter valued at $425,000. FirstWave Capital Management LLC boosted its position in shares of Harrow by 47.3% during the 2nd quarter. FirstWave Capital Management LLC now owns 211,981 shares of the company's stock worth $9,003,000 after purchasing an additional 68,058 shares in the last quarter. Pale Fire Capital SE boosted its position in shares of Harrow by 23.5% during the 2nd quarter. Pale Fire Capital SE now owns 10,515 shares of the company's stock worth $447,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Grandeur Peak Global Advisors LLC acquired a new position in shares of Harrow during the 2nd quarter worth $610,000. 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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