Harrow (NASDAQ:HROW) Shares Gap Up to $17.65

Shares of Harrow, Inc. (NASDAQ:HROW) gapped up prior to trading on Thursday . The stock had previously closed at $17.65, but opened at $20.14. Harrow shares last traded at $20.16, with a volume of 320,278 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on HROW. B. Riley restated a “buy” rating and issued a $29.00 price objective (up previously from $26.00) on shares of Harrow in a report on Wednesday, May 15th. Lake Street Capital lifted their price objective on shares of Harrow from $20.00 to $25.00 and gave the company a “buy” rating in a report on Monday, June 3rd. Finally, Craig Hallum lifted their price objective on shares of Harrow from $24.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, May 15th.

Harrow Stock Up 12.3 %

The company has a current ratio of 3.00, a quick ratio of 2.75 and a debt-to-equity ratio of 3.06. The company has a market cap of $701.23 million, a price-to-earnings ratio of -22.20 and a beta of 0.88. The firm’s fifty day simple moving average is $14.52 and its 200 day simple moving average is $12.08.

Harrow (NASDAQ:HROW) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). Harrow had a negative return on equity of 39.82% and a negative net margin of 22.59%. The firm had revenue of $34.59 million for the quarter, compared to analyst estimates of $34.37 million. Sell-side analysts predict that Harrow, Inc. will post -0.51 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Opaleye Management Inc. acquired 20,000 shares of Harrow stock in a transaction dated Thursday, April 25th. The stock was acquired at an average price of $9.97 per share, for a total transaction of $199,400.00. Following the transaction, the insider now owns 3,815,000 shares of the company’s stock, valued at $38,035,550. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Opaleye Management Inc. acquired 20,000 shares of Harrow stock in a transaction dated Thursday, April 25th. The stock was acquired at an average price of $9.97 per share, for a total transaction of $199,400.00. Following the transaction, the insider now owns 3,815,000 shares of the company’s stock, valued at $38,035,550. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark L. Baum acquired 9,000 shares of Harrow stock in a transaction dated Friday, March 22nd. The shares were bought at an average price of $11.59 per share, with a total value of $104,310.00. Following the transaction, the chief executive officer now directly owns 2,137,525 shares in the company, valued at approximately $24,773,914.75. The disclosure for this purchase can be found here. Insiders bought 120,115 shares of company stock worth $1,375,721 in the last 90 days. Corporate insiders own 13.67% of the company’s stock.

Institutional Trading of Harrow

Several institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in Harrow by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,672 shares of the company’s stock valued at $221,000 after purchasing an additional 1,033 shares during the last quarter. BNP Paribas Financial Markets raised its position in Harrow by 12.7% in the 1st quarter. BNP Paribas Financial Markets now owns 16,941 shares of the company’s stock valued at $224,000 after purchasing an additional 1,912 shares during the last quarter. Equitable Trust Co. raised its position in Harrow by 2.9% in the 1st quarter. Equitable Trust Co. now owns 83,500 shares of the company’s stock valued at $1,105,000 after purchasing an additional 2,345 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in Harrow by 66.0% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,745 shares of the company’s stock valued at $89,000 after purchasing an additional 2,682 shares during the last quarter. Finally, Swiss National Bank raised its position in Harrow by 5.5% in the 3rd quarter. Swiss National Bank now owns 65,400 shares of the company’s stock valued at $940,000 after purchasing an additional 3,400 shares during the last quarter. Hedge funds and other institutional investors own 72.76% of the company’s stock.

About Harrow

Harrow Health, Inc operates as an ophthalmic-focused healthcare company. The company owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business. The company also holds equity interests in Surface Ophthalmics, Inc, a clinical-stage pharmaceutical company that focuses on the development and commercialization of therapeutics for ocular surface diseases; Melt Pharmaceuticals, Inc, a clinical-stage pharmaceutical company that focused on the development and commercialization of proprietary non-intravenous, sedation, and anesthesia therapeutics for human medical procedures in hospital, outpatient, and in-office settings; and Eton Pharmaceuticals, Inc, a commercial-stage pharmaceutical company that engages in developing and commercializing drug products.