Harrow (NASDAQ:HROW) Cut to Strong Sell at Zacks Research

Harrow (NASDAQ:HROW) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday, Zacks reports.

Several other brokerages also recently issued reports on HROW. BTIG Research reaffirmed a “buy” rating and issued a $63.00 price target on shares of Harrow in a report on Wednesday, October 7th. Wall Street Zen raised shares of Harrow from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Leerink Partners began coverage on Harrow in a research report on Wednesday, September 9th. They set an “outperform” rating and a $45.00 price objective for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Harrow in a research report on Friday, October 16th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Harrow presently has an average rating of “Moderate Buy” and a consensus price target of $66.17.

Harrow Stock Performance

NASDAQ:HROW opened at $28.75 on Tuesday. 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 has a 52-week low of $26.96 and a 52-week high of $54.85. The stock has a fifty day simple moving average of $32.13 and a 200-day simple moving average of $38.13.

Harrow (NASDAQ:HROW) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.28). Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%. The business had revenue of $70.66 million during the quarter, compared to analysts’ expectations of $70.35 million. Equities research analysts predict that Harrow will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In related 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 value of $450,000.00. Following the completion of the transaction, the insider owned 11,250 shares of the company’s stock, valued at approximately $450,000. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Harrow

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Harrow in the second quarter valued at $116,373,000. Bamco Inc. NY acquired a new position in Harrow in the second quarter valued at $34,373,000. Jupiter Topco LLC purchased a new position in Harrow during the second quarter worth about $24,596,000. Rice Hall James & Associates LLC purchased a new position in Harrow during the second quarter worth about $16,459,000. Finally, Dimensional Fund Advisors LP lifted its position in Harrow by 56.4% during 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 period. 72.76% of the stock is owned by institutional investors and hedge funds.

Harrow Company Profile

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing prescription therapies for eye care. The company’s portfolio addresses conditions and procedures involving the ocular surface, anterior segment, and retina, with products intended for use by ophthalmologists and other eye-care professionals.

Harrow’s commercial products include VEVYE, a cyclosporine ophthalmic solution for the treatment of dry eye disease, and IHEEZO, a chloroprocaine hydrochloride ophthalmic gel used for ocular surface anesthesia during ophthalmic procedures.