Opaleye Management Inc., a significant shareholder in Harrow Inc. (NASDAQ:HROW), has made a notable purchase of the company's common stock, according to the latest filings. The investment firm acquired 50,000 shares at a price of $12.82 per share, totaling approximately $641,000.
This transaction, which took place on March 28, 2024, increases Opaleye Management's direct holdings in Harrow Inc. to 3,745,600 shares. It is important to note that the shares are owned by Opaleye, L.P., for which Opaleye Management Inc. serves as the investment manager. Due to this relationship, the firm may be deemed to beneficially own the securities directly held by the fund.
Investors and market watchers often keep an eye on purchases by significant shareholders as they can signal confidence in the company's future prospects. The acquisition by Opaleye Management Inc. is a substantial investment and could be seen as a positive sign for Harrow Inc., which operates in the pharmaceutical preparations industry.
The details of this transaction were made public through a Form 4 filing with the Securities and Exchange Commission. The document was signed by James Silverman, President of Opaleye Management Inc., confirming the company's latest investment move in Harrow Inc.
InvestingPro Insights
In light of Opaleye Management Inc.'s recent purchase of Harrow Inc. shares, a glance at the latest data from InvestingPro paints an intriguing picture of the company's financial health and market performance. Harrow Inc., with a market capitalization of $450.17 million, has experienced substantial revenue growth over the last twelve months as of Q4 2023, posting a 46.95% increase. This is further underscored by an impressive quarterly revenue growth rate of 78.83% in Q4 2023.
Despite the company's strong revenue growth, Harrow Inc. is not currently profitable, with a negative P/E ratio of -17.70, which adjusted for the last twelve months stands at -20.7. This aligns with an InvestingPro Tip indicating that analysts do not expect the company to be profitable this year. Nevertheless, Harrow Inc. has demonstrated significant returns in the short term, with a 25.05% price total return over the last week and a 20.93% return over the last month, hinting at investor optimism.
Additionally, Harrow Inc. is trading at a high Price / Book multiple of 6.61, which may suggest a premium valuation compared to its book value. This metric, coupled with the notable return figures, could be a reflection of the market's speculative assessment of Harrow's potential rather than its current financial standing.
For those seeking more in-depth analysis, InvestingPro offers a range of additional insights. There are 11 more InvestingPro Tips available, which could help investors make more informed decisions about Harrow Inc. To access these tips and more detailed metrics, investors can visit InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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