Harrow (HROW) Surges 8.4%: Is This an Indication of Further Gains?
Harrow (HROW) shares soared 8.4% in the last trading session to close at $49.75. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.8% gain over the past four weeks.
Earlier this week, the company relaunched its ophthalmology drug, Triesence, which is approved for visualization during vitrectomy and for the treatment of ocular inflammatory conditions that are unresponsive to topical corticosteroids. This might have driven the share price rally.
This pharmaceutical and drug compounding company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +88.9%. Revenues are expected to be $58.2 million, up 69.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Harrow, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HROW going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Harrow belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Exscientia PLC Sponsored ADR (EXAI), closed the last trading session 0.4% lower at $4.58. Over the past month, EXAI has returned -7.3%.
For Exscientia
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