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

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on HROW shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Harrow in a research note on Monday, July 20th. Wall Street Zen cut shares of Harrow from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Cantor Fitzgerald lowered their target price on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. B. Riley Financial restated a “buy” rating and issued a $65.00 price target (down from $74.00) on shares of Harrow in a research note on Tuesday, April 7th. Finally, Zacks Research raised Harrow from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $69.43.

Harrow Price Performance

The company has a debt-to-equity ratio of 10.30, a quick ratio of 2.30 and a current ratio of 2.48. The company has a market capitalization of $1.43 billion, a PE ratio of -93.78 and a beta of 0.26. The company’s 50-day simple moving average is $39.11 and its 200-day simple moving average is $40.86.

Harrow (NASDAQ:HROW) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate 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 company had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $52.43 million. During the same period in the prior year, the company earned ($0.38) earnings per share. As a group, sell-side analysts anticipate that Harrow, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other news, CFO Andrew R. Boll purchased 3,500 shares of the business’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 acquisition, the chief financial officer directly owned 814,679 shares of the company’s stock, valued at approximately $24,358,902.10. This trade represents a 0.43% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Adrienne L. Graves bought 1,000 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were acquired at an average cost of $31.07 per share, with a total value of $31,070.00. Following the completion of the purchase, the director owned 1,000 shares in the company, valued at approximately $31,070. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 12.80% of the stock is owned by insiders.

Institutional Trading of Harrow

A number of institutional investors and hedge funds have recently made changes to their positions in HROW. Dimensional Fund Advisors LP lifted its holdings in Harrow by 56.4% in the 1st 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 raised its position in shares of 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 purchasing an additional 201,859 shares during the period. Bank of America Corp DE lifted its holdings in shares of Harrow by 266.8% in the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company’s stock worth $6,519,000 after purchasing an additional 155,258 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Harrow by 967.6% in the 2nd quarter. Invesco Ltd. now owns 150,948 shares of the company’s stock worth $4,610,000 after purchasing an additional 136,809 shares during the last quarter. Finally, UBS Group AG boosted its position in Harrow by 82.0% during the 4th quarter. UBS Group AG now owns 222,362 shares of the company’s stock valued at $10,896,000 after purchasing an additional 100,160 shares during the period. 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.