Harrow (NASDAQ:HROW) Shares Gap Up on Insider Buying Activity

Harrow, Inc. (NASDAQ:HROW) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $30.86, but opened at $31.94. Harrow shares last traded at $32.3160, with a volume of 127,552 shares changing hands.

Specifically, CFO Andrew R. Boll bought 3,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were bought at an average price of $29.90 per share, for a total transaction of $104,650.00. Following the purchase, the chief financial officer owned 814,679 shares in the company, valued at $24,358,902.10. This represents a 0.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on HROW shares. Nomura downgraded Harrow to a “neutral” rating in a research report on Wednesday, March 18th. Zacks Research upgraded Harrow from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. B. Riley Financial reissued a “buy” rating and issued a $65.00 target price (down from $74.00) on shares of Harrow in a report on Tuesday, April 7th. Cantor Fitzgerald dropped their target price on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Weiss Ratings cut shares of Harrow from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $69.43.

Harrow Price Performance

The firm’s 50-day moving average price is $36.67 and its 200-day moving average price is $42.21. The company has a current ratio of 2.48, a quick ratio of 2.06 and a debt-to-equity ratio of 10.30. The stock has a market capitalization of $1.19 billion, a PE ratio of -77.99 and a beta of 0.34.

Harrow (NASDAQ:HROW) last released its quarterly 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 company had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $52.43 million. During the same quarter in the prior year, the business posted ($0.38) EPS. On average, equities analysts forecast that Harrow, Inc. will post 0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Harrow

Several institutional investors have recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Harrow in the 4th quarter worth approximately $26,000. KBC Group NV purchased a new stake in Harrow during the 1st quarter valued at $31,000. Raymond James Financial Inc. bought a new stake in Harrow in the second quarter worth $48,000. SBI Securities Co. Ltd. lifted its position in Harrow by 393.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company’s stock worth $52,000 after buying an additional 846 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in Harrow during the third quarter worth $83,000. 72.76% of the stock is owned by institutional investors.

Harrow Company Profile

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.