Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
On Wednesday, H.C. Wainwright affirmed a positive outlook on Harrow Health (NASDAQ:HROW), with an analyst reiterating a Buy rating and a $57.00 price target. The stock, currently trading at $26.98, has shown remarkable momentum with a 19.59% gain in the past week alone. According to InvestingPro data, analyst targets range from $50.40 to $58.00, suggesting significant upside potential despite the stock currently trading above its Fair Value. Harrow Health disclosed its preliminary fourth quarter and full-year 2024 financial outcomes on March 17, which exceeded expectations. The company’s fourth-quarter revenue reached between $65 million and $67 million, surpassing the analyst’s forecast of $59 million. Net income for the same period was reported between $5 million and $7 million, defying the anticipated loss of $200,000. The company has maintained impressive growth momentum, with InvestingPro data showing a 48.15% revenue growth in the last twelve months and an industry-leading gross profit margin of 72.56%. For investors seeking deeper insights, InvestingPro offers 8 additional key tips and a comprehensive Pro Research Report for HROW.
Harrow Health’s financial performance for the full year 2024 also revealed revenues ranging from $198 million to $200 million, with a net loss between $17 million and $19 million. The adjusted EBITDA for the fourth quarter stood at $21 million to $23 million, while the full-year adjusted EBITDA was between $39 million and $41 million.
Looking ahead, the management of Harrow Health has set an optimistic revenue forecast for 2025, anticipating it to surpass $280 million. This projection suggests a significant growth rate of over 40% compared to the previous year. The detailed financial results for Harrow Health are expected to be published in the upcoming weeks, as indicated by the analyst’s commentary. The reaffirmation of the Buy rating and the $57 price target reflects confidence in the company’s financial trajectory and growth potential.
In other recent news, Harrow Inc. has reported significant developments that may interest investors. The company has seen impressive revenue growth, with a 22% increase to $88.6 million in 2022 and a 47% rise to $130.2 million in 2023. Analyst firm H.C. Wainwright has initiated coverage of Harrow with a Buy rating and set a price target of $57, noting the company’s successful strategy of acquiring branded ophthalmic products. Additionally, Harrow anticipates further revenue growth, projecting a 47% increase to $191.8 million in 2024.
In corporate developments, Harrow announced the resignation of board member Marty A. Makary, which led to the board’s reduction from five to four members. The company clarified that Makary’s departure was not due to disagreements, suggesting an administrative adjustment. Furthermore, Harrow appointed Dr. Amir H. Shojaei as the new Chief Scientific Officer, bringing his extensive experience in ophthalmology to the role. Dr. Shojaei’s appointment is expected to enhance Harrow’s growth and innovation in the pharmaceutical field. These recent changes reflect Harrow’s ongoing efforts to strengthen its leadership and expand its product offerings.
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