Harrow (NASDAQ:HROW) Releases Earnings Results, Misses Expectations By $0.39 EPS

Harrow (NASDAQ:HROW) issued its quarterly earnings results on Monday. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.39), FiscalAI reports. The company had revenue of $44.20 million during the quarter, compared to analyst estimates of $52.43 million. Harrow had a negative net margin of 1.89% and a positive return on equity of 36.51%.

Harrow Stock Down 0.5%

HROW traded down $0.19 during trading on Monday, hitting $38.04. The company had a trading volume of 1,545,839 shares, compared to its average volume of 678,671. The company has a quick ratio of 2.06, a current ratio of 2.20 and a debt-to-equity ratio of 4.67. Harrow has a one year low of $24.50 and a one year high of $54.85. The firm’s 50-day moving average price is $38.43 and its 200 day moving average price is $42.44. The company has a market capitalization of $1.42 billion, a PE ratio of -223.75 and a beta of 0.34.

Analyst Ratings Changes

A number of brokerages recently weighed in on HROW. BTIG Research reissued a “buy” rating and issued a $63.00 price target on shares of Harrow in a report on Friday, April 17th. Weiss Ratings cut shares of Harrow from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. William Blair reaffirmed an “outperform” rating on shares of Harrow in a research note on Tuesday, March 3rd. Nomura cut shares of Harrow to a “neutral” rating in a research note on Wednesday, March 18th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $65.00 price objective (down from $74.00) on shares of Harrow in a research note on Tuesday, April 7th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Harrow currently has a consensus rating of “Moderate Buy” and an average target price of $69.86.

Institutional Investors Weigh In On Harrow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HROW. Bank of America Corp DE increased its stake in Harrow by 266.8% in the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company’s stock valued at $6,519,000 after buying an additional 155,258 shares during the last quarter. Invesco Ltd. increased its stake in Harrow by 967.6% in the 2nd quarter. Invesco Ltd. now owns 150,948 shares of the company’s stock valued at $4,610,000 after buying an additional 136,809 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Harrow by 82.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 280,217 shares of the company’s stock valued at $13,501,000 after buying an additional 126,904 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Harrow by 110,583.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 98,508 shares of the company’s stock valued at $4,746,000 after buying an additional 98,419 shares during the last quarter. Finally, FirstWave Capital Management LLC acquired a new stake in Harrow in the 4th quarter valued at $4,604,000. 72.76% of the stock is currently owned by institutional investors and hedge funds.

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.