Harrow (NASDAQ:HROW) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Harrow (NASDAQ:HROW) from a hold rating to a strong sell rating in a research report released on Tuesday morning,Zacks reports.

Several other brokerages have also issued reports on HROW. Weiss Ratings reiterated a “sell (e+)” rating on shares of Harrow in a research report on Friday, October 16th. Wall Street Zen upgraded shares of Harrow from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Leerink Partners started coverage on shares of Harrow in a research note on Wednesday, September 9th. They issued an “outperform” rating and a $45.00 price target on the stock. Finally, BTIG Research reiterated a “buy” rating and issued a $63.00 price objective on shares of Harrow in a report on Wednesday, October 7th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.17.

Harrow Trading Up 0.7%

HROW stock opened at $28.75 on Tuesday. The company has a quick ratio of 2.08, a current ratio of 2.24 and a debt-to-equity ratio of 19.70. Harrow has a 52-week low of $26.96 and a 52-week high of $54.85. The company’s 50-day simple moving average is $32.13 and its 200-day simple moving average is $38.13. The firm has a market cap of $1.08 billion, a P/E ratio of -28.75 and a beta of 0.18.

Harrow (NASDAQ:HROW) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.28). The business had revenue of $70.66 million during the quarter, compared to analyst estimates of $70.35 million. Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%. As a group, equities analysts forecast that Harrow will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other Harrow news, insider Amir Shojaei sold 11,250 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.00, for a total value of $450,000.00. Following the completion of the sale, the insider owned 11,250 shares in the company, valued at approximately $450,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pictet Asset Management Holding SA increased its holdings in shares of Harrow by 13.0% in the first quarter. Pictet Asset Management Holding SA now owns 5,711 shares of the company’s stock valued at $201,000 after purchasing an additional 655 shares during the last quarter. KBC Group NV acquired a new position in Harrow during the first quarter worth $31,000. China Universal Asset Management Co. Ltd. boosted its stake in Harrow by 15.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,840 shares of the company’s stock worth $215,000 after buying an additional 908 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Harrow by 836.8% during the third quarter. Sterling Capital Management LLC now owns 1,068 shares of the company’s stock worth $33,000 after buying an additional 954 shares during the last quarter. Finally, First Bancorp Inc ME purchased a new stake in Harrow in the 2nd quarter valued at $64,000. 72.76% of the stock is currently owned by institutional investors and hedge funds.

Harrow Company Profile

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing prescription therapies for eye care. The company’s portfolio addresses conditions and procedures involving the ocular surface, anterior segment, and retina, with products intended for use by ophthalmologists and other eye-care professionals.

Harrow’s commercial products include VEVYE, a cyclosporine ophthalmic solution for the treatment of dry eye disease, and IHEEZO, a chloroprocaine hydrochloride ophthalmic gel used for ocular surface anesthesia during ophthalmic procedures.