Why Harrow Health Stock Is Trading Higher Today?
Portfolio Pulse from Vandana Singh
Harrow Health Inc (HROW) has agreed to acquire the U.S. and Canadian commercial rights for Vevye, a drug for dry eye disease, from Novaliq GmbH. The company has also agreed to acquire certain U.S. and Canadian commercial rights for several branded products from Santen Pharmaceutical Co Ltd. In December last year, Harrow acquired exclusive U.S. commercial rights to five FDA-approved ophthalmic products from Novartis AG (NVS). Harrow raised $60 million via equity and expects Q2 2023 revenues in excess of $31.0 million. HROW shares are up 22.90%.
July 19, 2023 | 4:16 pm
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POSITIVE IMPACT
Harrow Health's acquisition of commercial rights for several drugs and its positive revenue forecast have led to a 22.90% increase in its stock price.
Harrow Health's strategic acquisitions and positive revenue forecast are likely to strengthen its market position and financial performance, which is reflected in the increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Novartis AG sold the exclusive U.S. commercial rights to five FDA-approved ophthalmic products to Harrow Health in December last year.
The news mentions a past transaction between Novartis and Harrow Health, but it does not provide any new information or developments that would likely impact Novartis' stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50