Harrow (NASDAQ:HROW) Posts Earnings Results, Misses Expectations By $0.16 EPS

Harrow (NASDAQ:HROW) posted its quarterly earnings data on Monday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.16), Zacks reports. Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%. The firm had revenue of $70.66 million for the quarter, compared to the consensus estimate of $70.35 million.

Harrow Stock Performance

Shares of HROW opened at $40.70 on Tuesday. Harrow has a 52 week low of $28.54 and a 52 week high of $54.85. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 10.30. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -99.27 and a beta of 0.28. The business has a 50-day simple moving average of $40.47 and a two-hundred day simple moving average of $40.02.

Insider Buying and Selling

In other news, Director Adrienne L. Graves purchased 1,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was acquired at an average cost of $31.07 per share, for a total transaction of $31,070.00. Following the completion of the transaction, the director directly owned 1,000 shares in the company, valued at $31,070. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Andrew R. Boll acquired 3,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average price of $29.90 per share, for a total transaction of $104,650.00. Following the completion of the transaction, 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 SEC filing for this purchase provides additional information. 12.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Harrow

Institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its stake in Harrow by 35.7% in 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 in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in Harrow during the fourth quarter valued at approximately $801,000. Cetera Investment Advisers boosted 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 purchasing an additional 597 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Harrow by 4.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,412 shares of the company’s stock valued at $1,246,000 after purchasing an additional 1,161 shares during the last quarter. Finally, Corsair Capital Management L.P. purchased a new stake in Harrow during the 4th quarter valued at $490,000. 72.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen lowered shares of Harrow from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. BTIG Research reiterated a “buy” rating and issued a $63.00 price target on shares of Harrow in a research note on Tuesday, July 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a report on Monday, July 20th. Finally, Cantor Fitzgerald lowered their price objective on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.