Harrow (NASDAQ:HROW) Trading Down 7.4% – Here’s What Happened

Harrow, Inc. (NASDAQ:HROW) shares traded down 7.4% on Friday . The company traded as low as $38.11 and last traded at $38.77. Approximately 407,505 shares were traded during mid-day trading, a decline of 46% from the average session volume of 749,032 shares. The stock had previously closed at $41.88.

Analyst Ratings Changes

Several brokerages have recently issued reports on HROW. Cantor Fitzgerald lowered their price objective on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. B. Riley Financial reaffirmed a “buy” rating and issued a $65.00 target price (down from $74.00) on shares of Harrow in a research note on Tuesday, April 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a research note on Monday. Wall Street Zen lowered Harrow from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, BTIG Research reaffirmed a “buy” rating and set a $63.00 price objective on shares of Harrow in a research report on Tuesday. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.43.

Harrow Stock Performance

The stock’s 50-day moving average price is $38.97 and its 200 day moving average price is $40.87. The firm has a market cap of $1.45 billion, a P/E ratio of -93.76 and a beta of 0.26. The company has a debt-to-equity ratio of 10.30, a current ratio of 2.48 and a quick ratio of 2.30.

Harrow (NASDAQ:HROW) last released its 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). Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%. The business had revenue of $44.20 million during the quarter, compared to the consensus estimate of $52.43 million. During the same period last year, the business posted ($0.38) EPS. As a group, equities analysts predict that Harrow, Inc. will post 0.29 EPS for the current year.

Insider Activity at Harrow

In related news, Director Adrienne L. Graves acquired 1,000 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $31.07 per share, with a total value of $31,070.00. Following the acquisition, the director owned 1,000 shares in the company, valued at $31,070. This represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew R. Boll bought 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of $29.90 per share, with a total value of $104,650.00. Following the completion of the purchase, the chief financial officer directly owned 814,679 shares of the company’s stock, valued at $24,358,902.10. This represents a 0.43% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Harrow

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in shares of Harrow in the 4th quarter valued at about $26,000. KBC Group NV acquired a new stake in Harrow during the first quarter worth approximately $31,000. Raymond James Financial Inc. bought a new stake in shares of Harrow in the second quarter valued at about $48,000. SBI Securities Co. Ltd. increased its stake in 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 acquiring an additional 846 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Harrow by 25.8% in the fourth 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 during the period. 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.