Harrow (NASDAQ:HROW) Trading 6.6% Higher – Should You Buy?

Harrow, Inc. (NASDAQ:HROW) rose 6.6% on Wednesday . The stock traded as high as $35.70 and last traded at $35.6850. Approximately 60,946 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 746,242 shares. The stock had previously closed at $33.46.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HROW. Nomura lowered shares of Harrow to a “neutral” rating in a report on Wednesday, March 18th. BTIG Research reissued a “buy” rating and issued a $63.00 price objective on shares of Harrow in a research report on Tuesday, May 12th. HC Wainwright reaffirmed a “buy” rating and set a $70.00 target price on shares of Harrow in a report on Thursday, March 19th. Cantor Fitzgerald reduced 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. Finally, Wall Street Zen downgraded shares of Harrow from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Eight research 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.43.

Harrow Stock Up 9.5%

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 company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -89.57 and a beta of 0.28. The firm’s 50-day moving average price is $35.87 and its 200 day moving average price is $41.67.

Harrow (NASDAQ:HROW) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $44.20 million for the quarter, compared to analyst estimates of $52.43 million. During the same period last year, the firm posted ($0.38) EPS. On average, sell-side analysts forecast that Harrow, Inc. will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Harrow

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. bought a new position in Harrow in the 4th quarter valued at approximately $26,000. KBC Group NV bought a new position in Harrow in the 1st quarter valued at approximately $31,000. SBI Securities Co. Ltd. lifted its stake in Harrow by 393.5% in the 4th 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 last quarter. Raymond James Financial Inc. bought a new position in Harrow in the 2nd quarter valued at approximately $48,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Harrow by 25.8% in the 4th 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 last quarter. Institutional investors own 72.76% of the company’s stock.

Harrow Company Profile

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.