Harrow (NASDAQ:HROW) Announces Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Harrow (NASDAQ:HROW) posted its earnings results on Monday. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.16), FiscalAI reports. Harrow had a negative net margin of 13.51% and a negative return on equity of 31.83%. The firm had revenue of $70.66 million for the quarter, compared to analyst estimates of $69.84 million.

Harrow Price Performance

Harrow stock traded down $0.31 during trading hours on Wednesday, hitting $39.11. 245,259 shares of the company traded hands, compared to its average volume of 732,298. Harrow has a 1-year low of $28.54 and a 1-year high of $54.85. The firm has a market cap of $1.46 billion, a P/E ratio of -39.11 and a beta of 0.28. The firm’s 50-day simple moving average is $40.60 and its two-hundred day simple moving average is $39.96. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 10.30.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen cut Harrow from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Cantor Fitzgerald decreased their price objective on Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Harrow in a research report on Monday, July 20th. Finally, BTIG Research reaffirmed a “buy” rating and set a $63.00 target price on shares of Harrow in a research note on Tuesday. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Harrow has an average rating of “Moderate Buy” and a consensus price target of $69.43.

Insider Buying and Selling

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

Hedge Funds Weigh In On Harrow

Hedge funds have recently modified their holdings of the company. MML Investors Services LLC bought a new stake in Harrow in the fourth quarter worth about $359,000. Patient Square Capital LP bought a new position in shares of Harrow during the 4th quarter valued at about $345,000. Verition Fund Management LLC bought a new position in shares of Harrow during the 3rd quarter valued at about $296,000. BNP Paribas Financial Markets grew its stake in shares of Harrow by 94.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,616 shares of the company’s stock worth $319,000 after purchasing an additional 3,219 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Harrow in the 3rd quarter worth approximately $362,000. 72.76% of the stock is currently owned by institutional investors and hedge funds.

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.