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

Harrow, Inc. (NASDAQ:HROW)’s stock price reached a new 52-week low on Thursday. The stock traded as low as $26.67 and last traded at $26.6910, with a volume of 275,080 shares trading hands. The stock had previously closed at $28.75.

Wall Street Analyst Weigh In

HROW has been the subject of a number of research reports. BTIG Research reissued a “buy” rating and set a $63.00 target price on shares of Harrow in a research note on Wednesday, October 7th. Leerink Partners assumed coverage on shares of Harrow in a research report on Wednesday, September 9th. They set an “outperform” rating and a $45.00 price objective for the company. Wall Street Zen raised shares of Harrow from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Harrow in a report on Friday, October 16th. Finally, Zacks Research cut shares of Harrow from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Harrow currently has a consensus rating of “Moderate Buy” and an average target price of $66.17.

Harrow Price Performance

The firm has a market cap of $975.26 million, a price-to-earnings ratio of -26.06 and a beta of 0.18. The company’s fifty day moving average is $32.13 and its 200 day moving average is $38.13. 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 (NASDAQ:HROW) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.28). Harrow had a negative net margin of 13.51% and a negative return on equity of 38.00%. The business had revenue of $70.66 million during the quarter, compared to analyst estimates of $70.35 million. On average, equities research analysts predict that Harrow, Inc. will post -0.02 EPS for the current year.

Insider Buying and Selling at Harrow

In other news, insider Amir Shojaei sold 11,250 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.00, for a total value of $450,000.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.80% of the stock is owned by insiders.

Institutional Trading of Harrow

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Westside Investment Management Inc. boosted its position in Harrow by 4.7% during the third quarter. Westside Investment Management Inc. now owns 234,526 shares of the company’s stock valued at $7,223,000 after purchasing an additional 10,475 shares during the last quarter. Woodmont Investment Counsel LLC grew its stake in Harrow by 4.6% in the third quarter. Woodmont Investment Counsel LLC now owns 116,899 shares of the company’s stock valued at $3,600,000 after purchasing an additional 5,089 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Harrow during the 3rd quarter worth approximately $59,000. Profund Advisors LLC increased its position in shares of Harrow by 437.8% during the 3rd quarter. Profund Advisors LLC now owns 41,532 shares of the company’s stock worth $1,279,000 after purchasing an additional 33,810 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Harrow by 15.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,840 shares of the company’s stock worth $215,000 after purchasing an additional 908 shares during the last quarter. Institutional investors own 72.76% of the company’s stock.

About Harrow

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.