BTIG Research Reaffirms Buy Rating for Harrow (NASDAQ:HROW)

Harrow (NASDAQ:HROW)‘s stock had its “buy” rating reiterated by equities researchers at BTIG Research in a note issued to investors on Wednesday, Benzinga reports. They presently have a $63.00 target price on the stock. BTIG Research’s target price would suggest a potential upside of 107.58% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen raised shares of Harrow from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Zacks Research upgraded Harrow from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Harrow in a research note on Monday, July 20th. Finally, Leerink Partners started coverage on Harrow in a report on Wednesday, September 9th. They issued an “outperform” rating and a $45.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Harrow has a consensus rating of “Moderate Buy” and a consensus price target of $66.17.

Harrow Trading Down 0.8%

HROW stock opened at $30.35 on Wednesday. Harrow has a one year low of $28.54 and a one year high of $54.85. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -30.35 and a beta of 0.19. The company has a fifty day moving average price of $36.81 and a two-hundred day moving average price of $37.63. The company has a debt-to-equity ratio of 19.70, a current ratio of 2.24 and a quick ratio of 2.08.

Harrow (NASDAQ:HROW) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.28). The company had revenue of $70.66 million during the quarter, compared to the consensus estimate of $70.35 million. Harrow had a negative net margin of 13.51% and a negative return on equity of 38.00%.

Insider Buying and Selling at Harrow

In other Harrow news, insider Amir Shojaei sold 11,250 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.00, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Harrow

Several institutional investors and hedge funds have recently added to or reduced their stakes in HROW. Dimensional Fund Advisors LP increased its holdings in shares of 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 in the last quarter. Luxor Capital Group LP boosted its position in Harrow by 22.0% during the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock worth $39,470,000 after buying an additional 201,859 shares during the period. Rice Hall James & Associates LLC increased its position in Harrow by 8.5% in the 4th quarter. Rice Hall James & Associates LLC now owns 361,998 shares of the company’s stock valued at $17,738,000 after acquiring an additional 28,303 shares during the period. Deutsche Bank AG bought a new position in shares of Harrow during the second quarter valued at $3,010,000. Finally, FirstWave Capital Management LLC grew its stake in shares of Harrow by 47.3% in the second quarter. FirstWave Capital Management LLC now owns 211,981 shares of the company’s stock worth $9,003,000 after purchasing an additional 68,058 shares during the last quarter. Institutional investors own 72.76% of the company’s stock.

About Harrow

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing prescription products for the treatment of eye conditions. Its portfolio is designed to serve ophthalmologists, optometrists, ambulatory surgery centers, and other eye-care providers across areas including dry eye disease, ocular inflammation, infection, and surgical care.

The company’s products include VEVYE, a cyclosporine ophthalmic emulsion for the treatment of signs and symptoms of dry eye disease, and IHEEZO, an ophthalmic anesthetic used in certain ocular procedures.