Harrow (NASDAQ:HROW) Trading Down 6% – Here’s Why

Harrow, Inc. (NASDAQ:HROW)’s share price was down 6% on Friday . The company traded as low as $48.13 and last traded at $47.9550. Approximately 163,659 shares traded hands during trading, a decline of 77% from the average daily volume of 717,948 shares. The stock had previously closed at $51.04.

Analyst Ratings Changes

A number of brokerages have recently commented on HROW. B. Riley reaffirmed a “buy” rating and issued a $74.00 price objective (up previously from $70.00) on shares of Harrow in a research report on Wednesday, October 1st. Craig Hallum lifted their price target on Harrow from $54.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $94.00 price objective on shares of Harrow in a report on Tuesday, November 11th. BTIG Research reissued a “buy” rating and issued a $63.00 target price on shares of Harrow in a research report on Wednesday, September 24th. Finally, Lake Street Capital boosted their target price on shares of Harrow from $42.00 to $70.00 and gave the company a “buy” rating in a report on Monday, September 29th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.43.

Harrow Stock Performance

The stock’s 50-day moving average is $43.95 and its 200-day moving average is $39.97. The company has a current ratio of 2.72, a quick ratio of 2.52 and a debt-to-equity ratio of 5.21. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -472.25 and a beta of 0.02.

Harrow (NASDAQ:HROW) last released its quarterly earnings data on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.11. Harrow had a negative net margin of 1.99% and a positive return on equity of 28.71%. The company had revenue of $71.64 million during the quarter, compared to the consensus estimate of $73.70 million. On average, analysts expect that Harrow, Inc. will post -0.53 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HROW. SG Americas Securities LLC boosted its position in shares of Harrow by 6.8% in the fourth quarter. SG Americas Securities LLC now owns 9,382 shares of the company’s stock worth $460,000 after buying an additional 601 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in Harrow in the 4th quarter worth approximately $224,000. Procyon Advisors LLC acquired a new stake in Harrow in the fourth quarter valued at approximately $360,000. Penn Capital Management Company LLC purchased a new stake in shares of Harrow during the third quarter valued at approximately $15,717,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Harrow during the third quarter valued at approximately $296,000. Institutional investors and hedge funds own 72.76% of the company’s stock.

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.