Commerce Bank Invests $953,000 in Harrow, Inc. $HROW

Commerce Bank bought a new stake in Harrow, Inc. (NASDAQ:HROW) in the second quarter, HoldingsChannel reports. The firm bought 22,430 shares of the company’s stock, valued at approximately $953,000.

Several other hedge funds also recently made changes to their positions in HROW. BlackRock Inc. purchased a new stake in Harrow in the second quarter worth $116,373,000. Rice Hall James & Associates LLC purchased a new stake in shares of Harrow in the 2nd quarter worth about $16,459,000. Dimensional Fund Advisors LP increased its stake in shares of Harrow by 56.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock worth $20,428,000 after acquiring an additional 208,972 shares in the last quarter. Luxor Capital Group LP increased its stake in shares of Harrow by 22.0% in the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock worth $39,470,000 after acquiring an additional 201,859 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Harrow by 266.8% during the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company’s stock valued at $6,519,000 after acquiring an additional 155,258 shares during the period. 72.76% of the stock is currently owned by institutional investors.

Harrow Stock Performance

Shares of HROW stock opened at $39.33 on Thursday. Harrow, Inc. has a one year low of $28.54 and a one year high of $54.85. The company’s 50-day moving average is $41.48 and its 200 day moving average is $39.65. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -39.33 and a beta of 0.28. The company has a debt-to-equity ratio of 19.70, a quick ratio of 2.08 and a current ratio of 2.24.

Harrow (NASDAQ:HROW) last issued its 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). The firm had revenue of $70.66 million during the quarter, compared to analysts’ expectations of $70.35 million. Harrow had a negative return on equity of 38.00% and a negative net margin of 13.51%.

Insider Activity at Harrow

In related news, insider Amir Shojaei sold 11,250 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.00, for a total transaction of $450,000.00. Following the completion of the sale, the insider owned 11,250 shares of the company’s stock, valued at $450,000. This trade represents a 50.00% decrease in their ownership of the stock. 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 currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HROW. BTIG Research reissued a “buy” rating and set a $63.00 price objective on shares of Harrow in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Harrow in a research note on Monday, July 20th. Cantor Fitzgerald lowered their target price on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Zacks Research lowered shares of Harrow from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 11th. Finally, Wall Street Zen raised Harrow from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Harrow has a consensus rating of “Moderate Buy” and a consensus price target of $69.43.

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.