Harrow (NASDAQ:HROW) Posts Quarterly Earnings Results, Misses Expectations By $0.31 EPS

Harrow (NASDAQ:HROW) posted its earnings results on Monday. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.31), FiscalAI reports. Harrow had a negative net margin of 1.89% and a positive return on equity of 36.51%. The firm had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $52.43 million. During the same period in the previous year, the firm posted ($0.38) earnings per share.

Harrow Stock Performance

NASDAQ HROW opened at $38.04 on Tuesday. The company has a current ratio of 2.20, a quick ratio of 2.06 and a debt-to-equity ratio of 4.67. The business’s 50 day moving average is $37.81 and its two-hundred day moving average is $42.40. Harrow has a 12-month low of $24.50 and a 12-month high of $54.85. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -223.75 and a beta of 0.34.

Hedge Funds Weigh In On Harrow

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its position in Harrow by 35.7% during the 4th quarter. Invesco Ltd. now owns 145,406 shares of the company’s stock worth $7,125,000 after purchasing an additional 38,264 shares during the period. Occudo Quantitative Strategies LP acquired a new stake in shares of Harrow in the 4th quarter worth approximately $801,000. Cetera Investment Advisers grew its holdings in shares of Harrow by 2.6% in the 4th quarter. Cetera Investment Advisers now owns 23,256 shares of the company’s stock worth $1,140,000 after acquiring an additional 597 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Harrow by 4.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,412 shares of the company’s stock worth $1,246,000 after acquiring an additional 1,161 shares during the period. Finally, Corsair Capital Management L.P. acquired a new stake in shares of Harrow in the 4th quarter worth approximately $490,000. Institutional investors and hedge funds own 72.76% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on HROW shares. Cantor Fitzgerald reduced their target price on Harrow from $94.00 to $91.00 and set an “overweight” rating for the company in a report on Wednesday, March 4th. Zacks Research raised Harrow from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Weiss Ratings downgraded 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. Finally, Nomura downgraded Harrow to a “neutral” rating in a research note on Wednesday, March 18th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.86.

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.