Harrow (NASDAQ:HROW) Stock Rating Lowered by Zacks Research

Harrow (NASDAQ:HROW) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday, Zacks reports.

HROW has been the topic of several other reports. BTIG Research reaffirmed a “buy” rating and issued a $63.00 price target on shares of Harrow in a research note on Wednesday, October 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a research report on Friday, October 16th. Wall Street Zen raised Harrow from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Leerink Partners started coverage on shares of Harrow in a report on Wednesday, September 9th. They set an “outperform” rating and a $45.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $66.17.

Harrow Price Performance

Shares of NASDAQ HROW opened at $28.75 on Tuesday. Harrow has a 1 year low of $26.96 and a 1 year high of $54.85. The company has a debt-to-equity ratio of 19.70, a current ratio of 2.24 and a quick ratio of 2.08. The company’s 50-day moving average is $32.13 and its 200 day moving average is $38.13. The stock has a market capitalization of $1.08 billion, a P/E ratio of -28.75 and a beta of 0.18.

Harrow (NASDAQ:HROW) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.28). The company 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%. On average, sell-side analysts expect that Harrow will post -0.02 earnings per share for the current year.

Insider Activity at Harrow

In related news, insider Amir Shojaei sold 11,250 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $40.00, for a total value of $450,000.00. Following the sale, the insider owned 11,250 shares in the company, valued at $450,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 12.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in shares of Harrow in the 2nd quarter worth about $4,565,000. Dimensional Fund Advisors LP grew its position in Harrow by 56.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock valued at $20,428,000 after purchasing an additional 208,972 shares during the last quarter. FirstWave Capital Management LLC grew its position in Harrow by 47.3% during the 2nd quarter. FirstWave Capital Management LLC now owns 211,981 shares of the company’s stock valued at $9,003,000 after purchasing an additional 68,058 shares during the last quarter. Luxor Capital Group LP grew its position in Harrow by 22.0% during the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock valued at $39,470,000 after purchasing an additional 201,859 shares during the last quarter. Finally, Rice Hall James & Associates LLC purchased a new stake in Harrow during the 2nd quarter valued at about $16,459,000. Institutional investors own 72.76% of the company’s stock.

About Harrow

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing prescription therapies for eye care. The company’s portfolio addresses conditions and procedures involving the ocular surface, anterior segment, and retina, with products intended for use by ophthalmologists and other eye-care professionals.

Harrow’s commercial products include VEVYE, a cyclosporine ophthalmic solution for the treatment of dry eye disease, and IHEEZO, a chloroprocaine hydrochloride ophthalmic gel used for ocular surface anesthesia during ophthalmic procedures.