Opaleye Management Inc., a ten percent owner of Harrow, Inc. (NASDAQ:HROW), recently sold 20,000 shares of the pharmaceutical company. The shares were sold at an average price of $35.5907, with transaction prices ranging from $34.595 to $36.64. The transaction comes as HROW shares have surged over 245% in the past year, according to InvestingPro data. This sale amounted to a total value of approximately $711,814. Following the transaction, Opaleye Management holds 155,000 shares, which are managed through a separately managed account. Opaleye Management has clarified that it disclaims beneficial ownership of the shares, except to the extent of its pecuniary interest. With analysts setting price targets between $50.40 and $69.00, InvestingPro subscribers can access 10+ additional exclusive insights and a comprehensive Pro Research Report for deeper analysis of HROW's potential.
In other recent news, Harrow Inc. reported robust growth in its third-quarter earnings, with revenue increasing by 44% to reach $49.3 million. Despite a temporary shortage of its dry eye product, VEVYE, the company still reported a 55% rise in prescription volume. Harrow also expanded its sales territories from 51 to 61 and is making progress with Medicare Part D contracts for VEVYE.
Harrow's subsidiary, ImprimisRx, won a trademark infringement lawsuit, securing $34.9 million in damages against OSRX, Inc. and Ocular Science, Inc. This underlines Harrow's commitment to protecting its intellectual property rights.
In other developments, Marty A. Makary resigned from his position on the company's Board of Directors. Following his exit, the board decided to reduce its number from five to four members. The company assured stakeholders that this transition is purely administrative and does not signal any underlying issues within the firm's leadership or strategic direction.
Harrow also reported significant developments with the appointment of Dr. Amir H. Shojaei as the new Chief Scientific Officer. Dr. Shojaei brings extensive experience in the field of ophthalmology, which is expected to bolster Harrow's growth and innovation.
Analysts project that VEVYE's revenue could more than double next year, and IHEEZO, another Harrow product, could potentially reach $75 million in quarterly revenue by 2027. These recent developments indicate Harrow's continued growth trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.