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

Shares of Harrow, Inc. (NASDAQ:HROW) hit a new 52-week low during mid-day trading 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.

Analyst Upgrades and Downgrades

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

Harrow Stock Down 9.5%

The company has a debt-to-equity ratio of 19.70, a quick ratio of 2.08 and a current ratio of 2.24. The stock has a market cap of $975.26 million, a P/E ratio of -26.06 and a beta of 0.18. The firm’s 50-day moving average is $32.13 and its two-hundred day moving average is $38.13.

Harrow (NASDAQ:HROW) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.46) 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 firm had revenue of $70.66 million during the quarter, compared to analyst estimates of $70.35 million. On average, equities research analysts anticipate that Harrow, Inc. will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Harrow

In other news, insider Amir Shojaei sold 11,250 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $40.00, for a total value of $450,000.00. Following the transaction, the insider owned 11,250 shares of the company’s stock, valued at $450,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Harrow

A number of institutional investors have recently made changes to their positions in HROW. Westside Investment Management Inc. increased its position in shares of Harrow by 4.7% in the 3rd quarter. Westside Investment Management Inc. now owns 234,526 shares of the company’s stock valued at $7,223,000 after buying an additional 10,475 shares in the last quarter. Woodmont Investment Counsel LLC lifted its holdings in Harrow by 4.6% during the third quarter. Woodmont Investment Counsel LLC now owns 116,899 shares of the company’s stock worth $3,600,000 after acquiring an additional 5,089 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Harrow during the third quarter worth about $59,000. Profund Advisors LLC lifted its holdings in Harrow by 437.8% during the third quarter. Profund Advisors LLC now owns 41,532 shares of the company’s stock worth $1,279,000 after acquiring an additional 33,810 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in Harrow by 15.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 6,840 shares of the company’s stock valued at $215,000 after acquiring an additional 908 shares during the period. 72.76% of the stock is owned by institutional investors and hedge funds.

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.