Harrow (NASDAQ:HROW) Stock Price Down 7.4% – Here’s What Happened

Harrow, Inc. (NASDAQ:HROW)’s share price dropped 7.4% on Friday . The company traded as low as $38.11 and last traded at $38.77. Approximately 407,505 shares traded hands during trading, a decline of 46% from the average daily volume of 749,032 shares. The stock had previously closed at $41.88.

Analyst Upgrades and Downgrades

HROW has been the subject of several research analyst reports. B. Riley Financial restated a “buy” rating and set a $65.00 price objective (down from $74.00) on shares of Harrow in a research report on Tuesday, April 7th. Zacks Research upgraded Harrow from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a report on Monday. BTIG Research reaffirmed a “buy” rating and set a $63.00 price target on shares of Harrow in a report on Tuesday. Finally, Cantor Fitzgerald lowered their price objective on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.43.

Harrow Trading Down 7.0%

The company has a current ratio of 2.48, a quick ratio of 2.30 and a debt-to-equity ratio of 10.30. The firm’s 50-day moving average is $38.97 and its 200 day moving average is $40.87. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -93.76 and a beta of 0.26.

Harrow (NASDAQ:HROW) last announced its earnings results on Monday, May 11th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.31). Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%.The company had revenue of $44.20 million for the quarter, compared to the consensus estimate of $52.43 million. During the same period in the prior year, the business earned ($0.38) earnings per share. On average, equities analysts predict that Harrow, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harrow news, Director Adrienne L. Graves purchased 1,000 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was purchased at an average cost of $31.07 per share, for a total transaction of $31,070.00. Following the acquisition, the director owned 1,000 shares in the company, valued at approximately $31,070. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew R. Boll acquired 3,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was acquired at an average cost of $29.90 per share, for a total transaction of $104,650.00. Following the completion of the purchase, the chief financial officer directly owned 814,679 shares in the company, valued at $24,358,902.10. This trade represents a 0.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harrow

Several institutional investors have recently added to or reduced their stakes in HROW. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Harrow during the 4th quarter worth approximately $26,000. KBC Group NV acquired a new stake in Harrow in the first quarter worth $31,000. Raymond James Financial Inc. acquired a new stake in Harrow in the second quarter worth $48,000. SBI Securities Co. Ltd. raised its holdings in shares of Harrow by 393.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company’s stock valued at $52,000 after purchasing an additional 846 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Harrow by 25.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,800 shares of the company’s stock valued at $88,000 after purchasing an additional 369 shares during the period. 72.76% of the stock is owned by institutional investors and hedge funds.

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.