Royce & Associates LP Reduces Stock Position in Harrow, Inc. $HROW

Royce & Associates LP cut its stake in Harrow, Inc. (NASDAQ:HROW) by 4.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 509,746 shares of the company’s stock after selling 23,267 shares during the period. Royce & Associates LP’s holdings in Harrow were worth $24,978,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in HROW. Raymond James Financial Inc. purchased a new position in Harrow in the second quarter valued at about $48,000. SBI Securities Co. Ltd. increased its stake in shares of Harrow by 393.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company’s stock worth $52,000 after purchasing an additional 846 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Harrow by 25.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,800 shares of the company’s stock worth $88,000 after purchasing an additional 369 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Harrow by 345.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,373 shares of the company’s stock worth $103,000 after purchasing an additional 2,615 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Harrow by 848.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,162 shares of the company’s stock worth $104,000 after purchasing an additional 1,934 shares in the last quarter. 72.76% of the stock is owned by hedge funds and other institutional investors.

Harrow Stock Up 3.5%

HROW stock opened at $34.17 on Wednesday. The stock has a market capitalization of $1.27 billion, a P/E ratio of -83.34 and a beta of 0.34. The company has a 50 day moving average price of $36.02 and a two-hundred day moving average price of $41.94. Harrow, Inc. has a one year low of $25.53 and a one year high of $54.85. The company has a debt-to-equity ratio of 10.30, a quick ratio of 2.30 and a current ratio of 2.48.

Harrow (NASDAQ:HROW) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.31). The company had revenue of $44.20 million during the quarter, compared to analyst estimates of $52.43 million. Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%. During the same quarter last year, the business earned ($0.38) EPS. As a group, sell-side analysts expect that Harrow, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on HROW. Cantor Fitzgerald dropped their price objective on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Nomura cut shares of Harrow to a “neutral” rating in a research note on Wednesday, March 18th. B. Riley Financial reissued a “buy” rating and set a $65.00 price objective (down from $74.00) on shares of Harrow in a research note on Tuesday, April 7th. Zacks Research raised shares of Harrow from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Finally, BTIG Research reissued a “buy” rating and set a $63.00 price objective on shares of Harrow in a research note on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.43.

Insiders Place Their Bets

In related news, CFO Andrew R. Boll purchased 3,500 shares of the firm’s stock in a transaction 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 acquisition, the chief financial officer directly owned 814,679 shares in the company, valued at $24,358,902.10. This trade represents a 0.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Adrienne L. Graves purchased 1,000 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was bought at an average price of $31.07 per share, for a total transaction of $31,070.00. Following the acquisition, the director owned 1,000 shares in the company, valued at $31,070. The trade was a ? increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 12.80% of the stock is owned by company insiders.

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.