Harrow (NASDAQ:HROW) Stock Price Up 6.6% – Still a Buy?

Harrow, Inc. (NASDAQ:HROW)’s stock price shot up 6.6% during trading on Wednesday . The stock traded as high as $35.70 and last traded at $35.6850. 60,946 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 746,242 shares. The stock had previously closed at $33.46.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on HROW shares. William Blair reaffirmed an “outperform” rating on shares of Harrow in a research note on Tuesday, March 3rd. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price target on shares of Harrow in a research note on Thursday, March 19th. Zacks Research raised shares of Harrow from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Wall Street Zen downgraded shares of Harrow from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Cantor Fitzgerald decreased their price objective 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. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Harrow currently has a consensus rating of “Moderate Buy” and an average price target of $69.43.

Harrow Price Performance

The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -89.57 and a beta of 0.28. The business’s fifty day simple moving average is $35.87 and its 200 day simple moving average is $41.67. The company has a debt-to-equity ratio of 10.30, a current ratio of 2.48 and a quick ratio of 2.30.

Harrow (NASDAQ:HROW) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.31). Harrow had a negative net margin of 5.57% and a positive return on equity of 19.59%. The business had revenue of $44.20 million for the quarter, compared to analyst estimates of $52.43 million. During the same quarter in the prior year, the business earned ($0.38) earnings per share. On average, research analysts forecast that Harrow, Inc. will post 0.29 EPS for the current year.

Insider Activity

In other news, Director Adrienne L. Graves acquired 1,000 shares of Harrow stock in a transaction that occurred 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 purchase, the director owned 1,000 shares in the company, valued at approximately $31,070. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew R. Boll purchased 3,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $29.90 per share, for a total transaction of $104,650.00. Following the acquisition, the chief financial officer directly owned 814,679 shares in the company, valued at approximately $24,358,902.10. The trade was a 0.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Harrow

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System boosted its stake in shares of Harrow by 26.6% in the 1st quarter. California State Teachers Retirement System now owns 39,019 shares of the company’s stock valued at $1,376,000 after purchasing an additional 8,198 shares in the last quarter. Quantinno Capital Management LP boosted its position in Harrow by 34.1% during the 1st quarter. Quantinno Capital Management LP now owns 7,199 shares of the company’s stock valued at $254,000 after buying an additional 1,829 shares during the period. Corsair Capital Management L.P. boosted its position in Harrow by 90.0% during the 1st quarter. Corsair Capital Management L.P. now owns 19,000 shares of the company’s stock valued at $670,000 after buying an additional 9,000 shares during the period. Luxor Capital Group LP boosted 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 buying an additional 201,859 shares during the period. Finally, Rice Hall James & Associates LLC boosted its position in Harrow by 1.7% during the 1st quarter. Rice Hall James & Associates LLC now owns 368,177 shares of the company’s stock valued at $12,982,000 after buying an additional 6,179 shares during the period. Hedge funds and other institutional investors own 72.76% of the company’s stock.

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.