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Investing.com - Cantor Fitzgerald has reiterated an Overweight rating and $76.00 price target on Harrow Health (NASDAQ:HROW), currently trading at $36.14 with a market capitalization of $1.33 billion, following the company’s acquisition of biosimilar versions of Lucentis and Eylea from Samsung Bioepis (KRX:KS:005930).
The acquired products, Byooviz and Opuviz, represent Harrow’s first entry into the biosimilar market, expanding its total portfolio to approximately 20 products. Specific financial terms of the acquisition were not disclosed but included an upfront payment, sales-based milestones, and a share of net sales retained by Samsung Bioepis. The company has demonstrated strong momentum, with revenue growing 53.5% over the last twelve months and maintaining a healthy gross margin of 74.5%.
Harrow expects to assume commercial responsibility for both biosimilars by year-end 2025, following a transition period from Biogen (NASDAQ:BIIB) back to Samsung Bioepis. This transition began after Biogen’s decision to terminate its agreement with Samsung regarding both biosimilars in October 2024. According to InvestingPro, analysts expect the company to achieve profitability this year, with 13 additional exclusive insights available to subscribers.
Cantor Fitzgerald analyst Steve Seedhouse noted that the acquisition represents a "potential major elevation of the company’s presence in retinal disease" that synergizes with Harrow’s existing product Iheezo.
The addition of these ophthalmology biosimilars aligns with Harrow’s focus on eye care products and could significantly strengthen the company’s position in the treatment of retinal diseases.
In other recent news, Harrow Health has announced a definitive agreement with Samsung Bioepis to secure exclusive U.S. commercial rights to two ophthalmology biosimilars, BYOOVIZ and OPUVIZ. The company will assume full responsibility for commercializing these products by the end of 2025, following the transition of commercial rights from Biogen back to Samsung Bioepis. This acquisition positions Harrow in the retinal disease treatment market, representing a significant opportunity. Financial terms of the agreement were not disclosed.
Analysts have responded to these developments with positive ratings. H.C. Wainwright reiterated its Buy rating with a $60 price target, while Cantor Fitzgerald initiated coverage with an Overweight rating and a $76 price target. BTIG also initiated coverage with a Buy rating and a $62 price target, citing Harrow’s strong eyecare portfolio. William Blair set Harrow Health to Outperform, emphasizing the growth potential of its branded products. These ratings reflect confidence in Harrow Health’s strategic expansion and product portfolio.
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