Harrow Health, Inc. (NASDAQ:HROW) Sees Significant Increase in Short Interest

Harrow Health, Inc. (NASDAQ:HROW) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 6,120,000 shares, an increase of 11.3% from the March 15th total of 5,500,000 shares. Based on an average daily trading volume, of 427,600 shares, the short-interest ratio is presently 14.3 days.

Harrow Health Price Performance

Shares of HROW stock opened at $12.65 on Monday. The company has a debt-to-equity ratio of 2.60, a current ratio of 2.83 and a quick ratio of 2.61. The stock’s fifty day simple moving average is $11.47 and its 200 day simple moving average is $11.41. Harrow Health has a one year low of $7.60 and a one year high of $28.25. The firm has a market cap of $447.30 million, a price-to-earnings ratio of -16.87 and a beta of 0.48.

Harrow Health (NASDAQ:HROW) last issued its earnings results on Tuesday, March 19th. The company reported ($0.27) EPS for the quarter. The firm had revenue of $36.36 million during the quarter, compared to analyst estimates of $37.65 million. Harrow Health had a negative net margin of 18.75% and a negative return on equity of 29.48%. On average, analysts expect that Harrow Health will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harrow Health news, major shareholder Opaleye Management Inc. purchased 50,600 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were bought at an average cost of $9.65 per share, with a total value of $488,290.00. Following the transaction, the insider now directly owns 3,695,600 shares in the company, valued at approximately $35,662,540. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Opaleye Management Inc. acquired 50,600 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were bought at an average price of $9.65 per share, for a total transaction of $488,290.00. Following the acquisition, the insider now owns 3,695,600 shares in the company, valued at approximately $35,662,540. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mark L. Baum bought 9,000 shares of Harrow Health stock in a transaction that occurred on Friday, March 22nd. The stock was bought at an average price of $11.59 per share, with a total value of $104,310.00. Following the purchase, the chief executive officer now owns 2,137,525 shares of the company’s stock, valued at approximately $24,773,914.75. The disclosure for this purchase can be found here. In the last three months, insiders bought 109,600 shares of company stock valued at $1,233,600. Company insiders own 13.60% of the company’s stock.

Institutional Trading of Harrow Health

Several large investors have recently added to or reduced their stakes in the company. Private Capital Management LLC boosted its holdings in shares of Harrow Health by 97.2% in the 4th quarter. Private Capital Management LLC now owns 2,794,497 shares of the company’s stock worth $31,298,000 after acquiring an additional 1,377,597 shares in the last quarter. Vanguard Group Inc. boosted its stake in Harrow Health by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 1,808,552 shares of the company’s stock worth $20,256,000 after purchasing an additional 48,673 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Harrow Health by 34.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 54,221 shares of the company’s stock worth $607,000 after purchasing an additional 13,926 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Harrow Health by 10.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,639 shares of the company’s stock valued at $176,000 after buying an additional 1,523 shares during the last quarter. Finally, Barclays PLC lifted its position in Harrow Health by 55.6% during the 4th quarter. Barclays PLC now owns 55,815 shares of the company’s stock worth $624,000 after buying an additional 19,951 shares in the last quarter. 72.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on HROW shares. B. Riley decreased their price target on shares of Harrow Health from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Craig Hallum started coverage on shares of Harrow Health in a research report on Thursday. They set a “buy” rating and a $24.00 target price on the stock.

About Harrow Health

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.