Opaleye management purchased $204,000 worth of Harrow Inc. stock

Investors tracking Harrow Inc. (NASDAQ: HROW ) insider transactions might find of interest the latest SEC filing, which reveals that investment firm Opaleye Management Inc. increased its stake in the pharmaceutical company. The Boston-based fund, known for its focus on health care investments, bought about $204,640 worth of Harrow Inc. stock.

The trades took place over two consecutive days, with Opaleye Management acquiring 11,715 shares on the first day at an average price of $10.29, with prices ranging from $10.28 to $10.2942. The next day, the company purchased an additional 8,285 shares at an average price of $10.15, with individual prices ranging from $10.09 to $10.19.

These acquisitions further solidify Opaleye Management's position as Harrow Inc.'s majority shareholder, with the fund currently holding a total of 3,795,000 shares. The investment comes as Harrow Inc., a company specializing in pharmaceutical formulations, continues to gain a foothold in the highly competitive healthcare market.

Opaleye Management's recent acquisitions are notable not only because of the significant increase in its holdings, but also because of the price points at which the shares were acquired, reflecting the fund's strategic move to strengthen its investments at favorable market prices.

Investors often view insider buying as a sign of confidence in a company's future prospects. With Opaleye Management's latest move, market watchers will be keeping a close eye on Harrow Inc.'s results and any potential impact this insider activity could have on the company's stock valuation.

Investment Professional Insights

As investors digest the news that Opaleye Management increased its stake in Harrow Inc., understanding the company's financial health and market performance may provide more context. With a market capitalization of $363.17 million, Harrow Inc. is a mid-sized company in the pharmaceutical industry, according to InvestingPro. While the Opaleye acquisition signals insider confidence, Harrow Inc. currently has a negative price-to-earnings ratio of -13.73, reflecting market doubts about its near-term profit potential. This is reinforced by the trailing twelve-month adjusted P/E ratio of -16.07 through the fourth quarter of 2023.

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On a more positive note, Harrow Inc. achieved strong revenue growth of 46.95% over the last 12 months, with quarterly growth in Q4 2023 being even more impressive at 78.83%. Expanded its market share and sales increased significantly. In addition, the gross profit margin remained at a healthy level of 69.55%, showing that Harrow Inc. effectively controlled the cost of sales and maintained the gross profit margin level.

InvestingPro Tips highlights that Harrow Inc. has not turned a profit in the past 12 months, and analysts do not expect the company to turn a profit this year. However, the company's liquid assets do exceed its short-term debt, providing some financial stability. Additionally, Harrow has experienced strong returns over the past five years, which may be a sign of long-term resilience in the face of short-term challenges. It's worth noting that the company doesn't pay a dividend and may devote more of its resources to growth and operations.

For investors seeking a deeper understanding of Harrow Inc.'s financial metrics and strategic positioning, InvestingPro provides further insights. There are six additional InvestingPro tips, which can be accessed through Harrow Inc.'s dedicated page: https://www.investing.com/pro/HROW.To benefit from extensive analysis, use the coupon code PRONEWS24 Subscribe yearly or annually to Pro and Pro+ to enjoy an additional 10% discount and enrich your investment decisions with comprehensive data and expert analysis.

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