Harrow (NASDAQ:HROW) Shares Gap Down on Disappointing Earnings

Harrow, Inc. (NASDAQ:HROW)’s share price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $38.04, but opened at $33.87. Harrow shares last traded at $31.7450, with a volume of 1,382,984 shares trading hands.

The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.31). The business had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $52.43 million. Harrow had a negative net margin of 1.89% and a positive return on equity of 36.51%. During the same period last year, the company posted ($0.38) EPS.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cantor Fitzgerald decreased their price objective on Harrow from $94.00 to $91.00 and set an “overweight” rating on the stock in a report on Wednesday, March 4th. Nomura cut Harrow to a “neutral” rating in a report 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. BTIG Research reiterated a “buy” rating and issued a $63.00 price objective on shares of Harrow in a research report on Friday, April 17th. Finally, William Blair reissued an “outperform” rating on shares of Harrow in a research note on Tuesday, March 3rd. Eight equities 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. According to data from MarketBeat.com, Harrow presently has an average rating of “Moderate Buy” and an average target price of $69.86.

Institutional Trading of Harrow

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Harrow by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 1,921,683 shares of the company’s stock worth $94,162,000 after buying an additional 50,889 shares during the period. Geode Capital Management LLC increased its stake in shares of Harrow by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 785,089 shares of the company’s stock valued at $38,477,000 after buying an additional 9,445 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Harrow by 56.4% during the first quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock valued at $20,428,000 after buying an additional 208,972 shares during the period. Penn Capital Management Company LLC raised its holdings in shares of Harrow by 20.5% during the fourth quarter. Penn Capital Management Company LLC now owns 392,067 shares of the company’s stock valued at $19,257,000 after acquiring an additional 66,589 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Harrow by 28.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 366,533 shares of the company’s stock valued at $17,960,000 after acquiring an additional 80,368 shares in the last quarter. 72.76% of the stock is owned by institutional investors.

Harrow Price Performance

The company has a market cap of $1.12 billion, a PE ratio of -180.58 and a beta of 0.34. The business has a 50 day moving average of $37.81 and a 200 day moving average of $42.40. The company has a debt-to-equity ratio of 4.67, a current ratio of 2.20 and a quick ratio of 2.06.

Harrow Company Profile

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.