Harrow (NASDAQ:HROW) Stock Price Down 6.8% – Should You Sell?

Harrow, Inc. (NASDAQ:HROW)’s stock price dropped 6.8% on Monday. The company traded as low as $31.64 and last traded at $30.8280. Approximately 176,792 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 699,208 shares. The stock had previously closed at $33.07.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on HROW. Wall Street Zen upgraded shares of Harrow from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. BTIG Research reiterated a “buy” rating and issued a $63.00 target price on shares of Harrow in a research note on Tuesday, August 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a research report on Monday, July 20th. Leerink Partners started coverage on shares of Harrow in a report on Wednesday, September 9th. They issued an “outperform” rating and a $45.00 price target on the stock. Finally, Zacks Research raised Harrow from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Harrow currently has an average rating of “Moderate Buy” and a consensus target price of $66.71.

Harrow Trading Down 3.9%

The stock has a market cap of $1.19 billion, a PE ratio of -31.75 and a beta of 0.24. The firm has a 50-day simple moving average of $38.25 and a 200-day simple moving average of $37.85. The company has a quick ratio of 2.08, a current ratio of 2.24 and a debt-to-equity ratio of 19.70.

Harrow (NASDAQ:HROW) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.46) earnings per share 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 net margin of 13.51% and a negative return on equity of 38.00%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Harrow

A number of large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Harrow during the 2nd quarter worth approximately $116,373,000. Luxor Capital Group LP boosted its holdings in Harrow by 22.0% in 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 period. Bamco Inc. NY purchased a new position in shares of Harrow during the 2nd quarter valued at $34,373,000. Dimensional Fund Advisors LP increased its holdings in shares of Harrow by 56.4% in the first quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company’s stock worth $20,428,000 after purchasing an additional 208,972 shares during the period. Finally, Jupiter Topco LLC bought a new position in shares of Harrow in the second quarter worth $24,596,000. 72.76% of the stock is currently owned by institutional investors.

Harrow Company Profile

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.