Harrow (NASDAQ:HROW) Shares Up 8.9% – Should You Buy?

Harrow, Inc. (NASDAQ:HROW)’s share price traded up 8.9% during mid-day trading on Wednesday . The company traded as high as $42.33 and last traded at $41.8040. 591,760 shares were traded during trading, a decline of 21% from the average session volume of 751,950 shares. The stock had previously closed at $38.40.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Nomura downgraded shares of Harrow to a “neutral” rating in a research note on Wednesday, March 18th. Weiss Ratings cut Harrow from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen cut Harrow from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. BTIG Research reissued a “buy” rating and set a $63.00 price objective on shares of Harrow in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald reduced their price objective on Harrow from $91.00 to $88.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $69.43.

Harrow Stock Performance

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 business has a 50 day simple moving average of $36.15 and a two-hundred day simple moving average of $41.60. The firm has a market cap of $1.53 billion, a PE ratio of -100.72 and a beta of 0.28.

Harrow (NASDAQ:HROW) last released its earnings results on Monday, May 11th. The company reported ($0.74) earnings per share 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 during the quarter, compared to analysts’ expectations of $52.43 million. During the same quarter in the previous year, the business earned ($0.38) EPS. As a group, equities research analysts forecast that Harrow, Inc. will post 0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Adrienne L. Graves bought 1,000 shares of the company’s stock in a transaction on Monday, May 18th. The shares were acquired at an average cost of $31.07 per share, for a total transaction of $31,070.00. Following the purchase, the director directly owned 1,000 shares of the company’s stock, valued at approximately $31,070. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew R. Boll bought 3,500 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $29.90 per share, for a total transaction 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 SEC filing for this purchase provides additional information. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Harrow

Hedge funds have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC bought a new position in Harrow in the 3rd quarter worth about $15,717,000. Lumbard & Kellner LLC purchased a new stake in shares of Harrow in the 3rd quarter worth $4,281,000. Luxor Capital Group LP purchased a new stake in shares of Harrow in the 3rd quarter worth $14,807,000. State of Alaska Department of Revenue lifted its holdings in shares of Harrow by 807.4% in the 4th quarter. State of Alaska Department of Revenue now owns 15,807 shares of the company’s stock worth $774,000 after buying an additional 14,065 shares during the period. Finally, Jefferson Bridge Capital LLC purchased a new stake in shares of Harrow in the 4th quarter worth $2,587,000. 72.76% of the stock is currently owned by institutional investors.

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.