Analyst Mayank Mamtani from B.Riley Financial reiterated a Buy rating on Harrow Health (HROW – Research Report) and increased the price target to $29.00 from $26.00.
Mayank Mamtani has given his Buy rating due to a combination of factors highlighting Harrow Health’s strong commercial performance and promising growth drivers. The company’s recent financial results demonstrated resilience, with the first quarter of 2024 not being as tumultuous as anticipated. Mamtani’s optimism is buoyed by Harrow Health’s diversified product pipeline, with VEVYE for dry eye disease, IHEEZO for ocular anesthesia, and TRIESENCE for vitrectomy, all showing promising commercial updates and potential for driving significant revenue growth. Furthermore, the company has secured important supply agreements and expanded coverage for its products, which is expected to contribute to its ambitious revenue guidance of over $180 million by FY24 and $500 million by FY27.
The analyst’s confidence is also reinforced by Harrow Health’s strategic positioning and operational execution, which are likely to support a strong revenue trajectory in the second half of 2024. Mamtani notes the potential for the company to outperform expectations and raise future projections, especially with the growth of IHEEZO and VEVYE. The receipt of an endorsement from the American Academy of Ophthalmology and confirmation of CMS pricing for IHEEZO enhance the prospects for increased adoption and reimbursement. Furthermore, the appointment of a new senior vice president with a strong commercial background suggests continued momentum in expanding supply agreements, which could lead to further penetration and market share gains for the company’s products.
In another report released today, Lake Street also maintained a Buy rating on the stock with a $20.00 price target.
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Harrow Health (HROW) Company Description:
Harrow Health Inc is an ophthalmology-focused pharmaceutical company. The company is specialized in the development, production, and sale of medications that offer competitive advantages and serve unmet needs in the marketplace. Its cornerstone of ophthalmology program consists of proprietary Dropless Therapy injectable and LessDrops topical formulations that are designed to address patient compliance issues and provide other compelling medical and economic benefits.
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