Harrow (NASDAQ:HROW) Hits New 12-Month Low – Here’s What Happened

by · The Markets Daily

Harrow, Inc. (NASDAQ:HROW – Get Free Report) reached a new 52-week low on Thursday. The company traded as low as $26.96 and last traded at $27.24, with a volume of 660,255 shares. The stock had previously closed at $28.24.

Analyst Upgrades and Downgrades

Several analysts have issued reports on HROW shares. Wall Street Zen raised shares of Harrow from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. BTIG Research reiterated a “buy” rating and set a $63.00 price objective on shares of Harrow in a research note on Wednesday, October 7th. Zacks Research raised shares of Harrow from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a research report on Monday, July 20th. Finally, 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 target price for the company. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.17.

Check Out Our Latest Report on Harrow

Harrow Price Performance

The business’s 50-day simple moving average is $35.62 and its two-hundred day simple moving average is $37.39. 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 – Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.28). Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%. The business had revenue of $70.66 million for the quarter, compared to analysts’ expectations of $70.35 million.

Insiders Place Their Bets

In other Harrow news, insider Amir Shojaei sold 11,250 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider owned 11,250 shares in the company, valued at $450,000. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.80% of the stock is currently owned by company insiders.

Institutional Trading of Harrow

A number of hedge funds and other institutional investors have recently made changes to their positions in HROW. BlackRock Inc. acquired a new stake in Harrow in the second quarter valued at $116,373,000. Luxor Capital Group LP boosted its stake in Harrow by 22.0% during the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock valued at $39,470,000 after acquiring an additional 201,859 shares during the last quarter. Bamco Inc. NY bought a new position in Harrow during the 2nd quarter valued at $34,373,000. Dimensional Fund Advisors LP grew its holdings in Harrow by 56.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock worth $20,428,000 after acquiring an additional 208,972 shares in the last quarter. Finally, Jupiter Topco LLC acquired a new position in Harrow during the 2nd quarter worth $24,596,000. Institutional investors own 72.76% of the company’s stock.

Harrow Company Profile

(Get Free Report)

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.

See Also