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BTIG initiated coverage on Harrow Health (NASDAQ:HROW) with a Buy rating on Monday, setting a $62.00 price target for the eyecare-focused biotechnology company. According to InvestingPro data, analyst targets range from $42 to $65, with the stock currently trading at $31.61, suggesting significant upside potential.
The research firm highlighted Harrow’s evolution from a compounding operation to a commercial-stage company with 16 FDA-approved therapeutics distributed through established relationships with the majority of the approximately 10,000 doctors and eyecare centers in the United States. This transformation has driven impressive revenue growth of 53.49% over the last twelve months. Want deeper insights? InvestingPro offers 12 additional exclusive tips for HROW.
BTIG identified three potentially significant products in Harrow’s portfolio: VEVYE for dry eye disease, IHEEZO for ocular numbing, and TRIESENCE, a relaunched injected steroid that improves visualization during eye surgery.
The company reported strong fourth-quarter 2024 results that led management to guide to approximately $280 million in sales for 2025, though first-quarter 2025 results were described as "somewhat disappointing" due partly to seasonal effects.
Despite the recent quarterly performance, Harrow’s management has reiterated its 2025 guidance and provided what BTIG called a "clear road-map" to reaching forecasted sales levels, including improved access for VEVYE and the first full year of sales for the relaunched TRIESENCE product.
In other recent news, Harrow Health reported its first-quarter 2025 financial results, revealing a 38% increase in revenue year-over-year, totaling $47.8 million. Despite this growth, the revenue fell short of the $61.13 million forecast, and the company posted a net loss of $17.8 million, or $0.50 per share, missing the expected income of $1.5 million. Analysts from H.C. Wainwright responded by raising their price target to $60 while maintaining a ’Buy’ rating, citing confidence in the company’s future revenue prospects. William Blair also initiated coverage on Harrow Health with an Outperform rating, highlighting the promising growth of its lead product, Vevye, in the dry eye disease market. The Vevye Access for All program has significantly boosted the product’s market adoption, contributing to a 35% quarter-over-quarter revenue increase for Vevye. Harrow Health’s management remains optimistic about achieving its 2025 revenue target of over $280 million, driven by products like Vevye, Iheezo, and Triesence. The company is also focusing on expanding its presence in the market for retinal procedures, with Iheezo and Triesence expected to drive further growth.
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