Shares of Harrow, Inc. (NASDAQ:HROW – Get Free Report) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $40.70, but opened at $39.00. Harrow shares last traded at $39.2740, with a volume of 277,108 shares.
The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.16). Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%.The firm had revenue of $70.66 million during the quarter, compared to analysts’ expectations of $70.35 million.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Harrow in a report on Monday, July 20th. Wall Street Zen downgraded shares of Harrow from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Cantor Fitzgerald cut their price target 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. Finally, BTIG Research reiterated a “buy” rating and issued a $63.00 price objective on shares of Harrow in a report on Tuesday, July 21st. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $69.43.
Insider Activity
In related news, CFO Andrew R. Boll purchased 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $29.90 per share, with a total value of $104,650.00. Following the completion of the purchase, the chief financial officer directly owned 814,679 shares in the company, valued at approximately $24,358,902.10. This represents a 0.43% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Adrienne L. Graves acquired 1,000 shares of the stock in a transaction on Monday, May 18th. The stock was bought at an average price of $31.07 per share, with a total value of $31,070.00. Following the completion of the acquisition, the director directly owned 1,000 shares of the company’s stock, valued at $31,070. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 12.80% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Pasadena Private Wealth LLC bought a new stake in shares of Harrow during the second quarter valued at approximately $212,000. Alpine Woods Capital Investors LLC bought a new position in Harrow in the second quarter worth $221,000. BlackRock Inc. bought a new position in Harrow in the second quarter worth $116,373,000. Deutsche Bank AG purchased a new position in Harrow during the second quarter valued at $3,010,000. Finally, Perigon Wealth Management LLC purchased a new position in Harrow during the second quarter valued at $562,000. Institutional investors own 72.76% of the company’s stock.
Harrow Trading Down 2.2%
The stock has a market cap of $1.48 billion, a P/E ratio of -97.08 and a beta of 0.28. 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 stock’s fifty day moving average price is $40.47 and its 200 day moving average price is $40.02.
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.
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