Harrow (NASDAQ:HROW) Stock Price Down 4.9% – Time to Sell?

Harrow, Inc. (NASDAQ:HROW) fell 4.9% during mid-day trading on Friday . The company traded as low as $34.97 and last traded at $34.78. Approximately 325,568 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 702,434 shares. The stock had previously closed at $36.58.

Analyst Ratings Changes

Several brokerages have recently commented on HROW. Wall Street Zen raised shares of Harrow from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Zacks Research upgraded Harrow from a “strong sell” rating to a “hold” rating in a research note on Wednesday. BTIG Research reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Harrow in a report on Tuesday, August 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a report on Monday, July 20th. Finally, Leerink Partners started coverage on Harrow in a research report on Wednesday. They issued an “outperform” rating and a $45.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.38.

Harrow Price Performance

The business has a 50-day moving average of $40.31 and a two-hundred day moving average of $38.77. The company has a current ratio of 2.24, a quick ratio of 2.08 and a debt-to-equity ratio of 19.70. The firm has a market cap of $1.29 billion, a P/E ratio of -34.48 and a beta of 0.24.

Harrow (NASDAQ:HROW) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.28). The firm had revenue of $70.66 million for the quarter, compared to analyst estimates of $70.35 million. Harrow had a negative net margin of 13.51% and a negative return on equity of 38.00%.

Insider Activity

In other news, insider Amir Shojaei sold 11,250 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $40.00, for a total transaction of $450,000.00. Following the completion of the transaction, the insider owned 11,250 shares of the company’s stock, valued at approximately $450,000. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Harrow during the second quarter worth about $116,373,000. California State Teachers Retirement System boosted its holdings in Harrow by 4,039.5% in the second quarter. California State Teachers Retirement System now owns 1,615,177 shares of the company’s stock valued at $68,597,000 after acquiring an additional 1,576,158 shares during the last quarter. Luxor Capital Group LP boosted its holdings in Harrow by 22.0% in the first quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company’s stock valued at $39,470,000 after acquiring an additional 201,859 shares during the last quarter. Bamco Inc. NY acquired a new stake in Harrow during the 2nd quarter valued at approximately $34,373,000. Finally, Geode Capital Management LLC increased its position in Harrow by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 785,089 shares of the company’s stock valued at $38,477,000 after purchasing an additional 9,445 shares during the period. 72.76% of the stock is owned by institutional investors and hedge funds.

About Harrow

Harrow, Inc is an ophthalmic pharmaceutical company focused on developing, acquiring, and commercializing products for the treatment of eye conditions and for use in ophthalmic procedures. The company serves ophthalmologists, optometrists, ambulatory surgery centers, and other eye-care providers, primarily in the United States.

Harrow’s portfolio includes VEVYE, a cyclosporine ophthalmic emulsion indicated for the treatment of signs and symptoms of dry eye disease, and IHEEZO, a chloroprocaine hydrochloride ophthalmic gel used to provide topical ocular anesthesia during ophthalmic procedures.