Harrow (NASDAQ:HROW) Stock Price Down 4.9% - Time to Sell?

Key Points

• Harrow shares fell 4.9% to about $34.78 in Friday’s midday trading, on volume roughly 54% below the average session level.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $66.38 price target, despite differing views ranging from “sell” to “outperform.”
• Harrow missed quarterly earnings expectations, reporting an adjusted loss of $0.46 per share versus the expected $0.18 loss, while revenue of $70.66 million slightly exceeded estimates.

Harrow, Inc. (NASDAQ:HROW - Get Free Report)'s stock price was down 4.9% during mid-day trading on Friday . The company traded as low as $34.97 and last traded at $34.78. 325,568 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 702,434 shares. The stock had previously closed at $36.58.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on HROW shares. BTIG Research reaffirmed a "buy" rating and set a $63.00 target price on shares of Harrow in a research note on Tuesday, August 11th. Wall Street Zen raised Harrow from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Leerink Partners assumed coverage on Harrow in a report on Wednesday. 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 report on Monday, July 20th. Finally, Zacks Research upgraded shares of Harrow from a "strong sell" rating to a "hold" rating in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $66.38.

Harrow Price Performance

The business has a 50-day moving average price of $40.47 and a two-hundred day moving average price of $38.80. The company has a quick ratio of 2.08, a current ratio of 2.24 and a debt-to-equity ratio of 19.70. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -34.75 and a beta of 0.24.

Harrow (NASDAQ:HROW - Get Free Report) last posted its quarterly earnings results 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). Harrow had a negative net margin of 13.51% and a negative return on equity of 38.00%. The business had revenue of $70.66 million during the quarter, compared to analyst estimates of $70.35 million.

Insider Activity

In other news, insider Amir Shojaei sold 11,250 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.00, for a total transaction of $450,000.00. Following the completion of the sale, the insider directly owned 11,250 shares of the company's stock, valued at $450,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Harrow

Large investors have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. bought a new stake in Harrow during the 4th quarter worth approximately $26,000. KBC Group NV bought a new position in shares of Harrow in the first quarter valued at approximately $31,000. Raymond James Financial Inc. bought a new position in shares of Harrow in the second quarter valued at approximately $48,000. First Bancorp Inc ME purchased a new position in shares of Harrow during the second quarter valued at approximately $64,000. Finally, State of Wyoming bought a new stake in Harrow during the second quarter worth $72,000. Institutional investors 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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