Investors following Harrow Inc. (NASDAQ:HROW) will be interested to learn that Opaleye Management Inc., a significant shareholder, has recently increased its stake in the company. On April 19, Opaleye Management purchased 29,400 shares of Harrow Inc. common stock, valued at approximately $310,390.
The transaction was executed with a purchase price per share of $10.5575. However, it's worth noting that the shares were acquired within a price range of $10.34 to $10.8256 during the trading day. This purchase has raised Opaleye Management's total holdings in Harrow Inc. to 3,775,000 shares.
As a ten percent owner of Harrow Inc., Opaleye Management's investment moves are closely watched by the market, as they may signal the confidence of significant investors in the company's future prospects. The shares were bought through Opaleye, L.P., indicating a direct ownership by the fund, with Opaleye Management Inc. being the investment manager.
The recent acquisition by Opaleye Management underlines the ongoing investment interest in the pharmaceutical sector, particularly in companies like Harrow Inc., which specializes in pharmaceutical preparations.
For those interested in the specifics of the transaction, Opaleye Management has expressed a willingness to provide full details regarding the number of shares purchased at each price point upon request by the SEC staff, the issuer, or a security holder of the issuer. The transaction was confirmed with a signature by James Silverman, President of Opaleye Management Inc., on the date of the transaction.
InvestingPro Insights
Amidst the recent activity by Opaleye Management Inc., investors in Harrow Inc. (NASDAQ:HROW) are witnessing a notable shift in the company's stock dynamics. The latest metrics from InvestingPro reveal a mixed financial landscape for Harrow Inc. The company's market capitalization currently stands at $369.54 million, reflecting its valuation in the market. Despite a significant revenue growth of 46.95% over the last twelve months as of Q1 2023, Harrow Inc. is grappling with profitability challenges. The company's P/E ratio is negative at -14.03, and analysts do not expect Harrow to turn profitable this year, as indicated by the adjusted P/E ratio of -16.35 for the same period.
InvestingPro Tips suggest that while Harrow Inc.'s stock has taken a considerable hit over the past week, with a -14.23% price total return, the company's liquid assets surpass its short-term obligations, offering some financial stability. This liquidity position is crucial for investors to consider, especially when evaluating the company's ability to weather short-term market volatility. However, Harrow Inc. is trading at a high EBITDA valuation multiple, which could be a point of concern for value-focused investors. The company's EBITDA for the last twelve months as of Q1 2023 stands at $11.95 million, showing growth but also reflecting a premium valuation. Additionally, Harrow Inc. does not pay a dividend to shareholders, which might influence the investment decisions of those seeking regular income.
For investors intrigued by these insights, there are additional InvestingPro Tips available that could further inform investment strategies. By visiting https://www.investing.com/pro/HROW, investors can access a comprehensive suite of analytics and tips. Moreover, they can take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable investment data and analysis. The platform currently lists seven additional tips for Harrow Inc., which could provide a deeper understanding of the company's financial health and stock performance.
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