Craig-Hallum Adjusts Price Target on Harrow Health to $30 From $26, Buy Rating Maintained

(13:02 GMT) Harrow Price Target Raised to $30.00/Share From $26.00 by Craig-Hallum

Harrow HROW shares soared 12.9% in the last trading session to close at $19.93. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.5% gain over the past four weeks.

This rise in share price came after Harrow provided an encouraging update for the relaunch of its ophthalmology drug Triesence. The company has completed manufacturing the first of three commercial-scale process performance qualification (PPQ) batches of the drug, which has been on the FDA’s shortage list for over five years. This suggests that the relaunch of Triesence is on track, and Harrow is taking steps to meet market demands.

This pharmaceutical and drug compounding company is expected to post quarterly loss of $0.25 per share in its upcoming report, which represents a year-over-year change of -1150%. Revenues are expected to be $42.78 million, up 27.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with 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).

Harrow is part of the Zacks Medical - Drugs industry. Avadel AVDL, another stock in the same industry, closed the last trading session 4% lower at $14.98. AVDL has returned -1.4% in the past month.

Avadel's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of +74.3%. Avadel currently boasts a Zacks Rank of #3 (Hold).

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Shares of Jabil Inc. fell sharply during Thursday's session following third-quarter results.

Jabil reported third-quarter fiscal 2024 revenue of $6.77 billion, down by 20.2% year-on-year, beating the analyst consensus estimate of $6.53 billion. The print manufacturing company's adjusted EPS of $1.89 beat the analyst consensus of $1.85, according to data from Benzinga Pro.

Jabil said it expects fourth-quarter revenue of $6.3 billion – $6.9 billion (consensus: $6.8 billion) and adjusted EPS to $2.03 – $2.43 (consensus: $2.22).

Jabil shares dipped 7.8% to $116.37 on Thursday.

Here are some other stocks moving in today’s mid-day session.

Gainers

• MGO Global, Inc. shares jumped 222.8% to $1.48 after the company said it expects the pending acquisition of Spetner Associates to close in the second half of 2024, projecting it to increase annualized revenue to approximately $28 million.
• Griid Infrastructure Inc. climbed 89.3% to $1.48 after falling more than 10% on Tuesday.
• Zapp Electric Vehicles Group Limited gained 89% to $2.58 after the company said it expects first customer deliveries of the i300 in the fourth quarter and anticipates selling over 5,000 units in the fiscal year ending September 30, 2025.
• Reliance Global Group, Inc. shares climbed 60.5% to $0.6279. Reliance Global Group announced major enhancement of capital structure following cashless exercise of warrants.
• Allurion Technologies Inc. gained 50% to $1.598. Allurion announced publication of new data demonstrating lean mass gains in patients experiencing 14% weight loss.
• SMX (Security Matters) Public Limited Company rose 43% to $0.1702 after jumping 19% on Tuesday.
• Soluna Holdings, Inc. gained 23.3% to $5.96.
• Femasys Inc. rose 22% to $1.1650 after receiving CE Mark approval from the EU MDR for its FemaSeed, FemVue, FemCerv, and FemCath products.
• Molecular Partners AG shares rose 21.1% to $9.63 after gaining 9% on Tuesday.
• Surf Air Mobility Inc. jumped 20.6% to $0.3850.
• ToughBuilt Industries, Inc. gained 20.2% to $3.75.
• MicroCloud Hologram Inc. surged 19.7% to $1.1303. MicroCloud Hologram entered into convertible note purchase agreements with investors for $28 million on June 18.
• Presto Automation Inc. shares climbed 19.2% to $0.0877after falling around 5% on Tuesday.
• NanoViricides, Inc. gained 16.5% to $1.91. Nanoviricides reported that the ultra-broad-spectrum antiviral NV-387, a Phase 2 Stage drug candidate, was found to be effective in protecting lungs from damage in a lethally infected influenza H3N2 mouse model.
• Lobo EV Technologies Ltd. rose 16.4% to $2.47.
• Ocular Therapeutix, Inc. gained 16% to $6.36 after TD Cowen upgraded the stock from Hold to Buy and raised its price target from $7 to $11.
• Applied Digital Corporation jumped 15.3% to $5.95.
• Ranpak Holdings Corp. climbed 13.7% to $6.49.
• ImmunityBio, Inc. rose 13.6% to $7.08 after the company announced insurance coverage of ANKTIVA across multiple states with first commercial doses administered.
• Harrow, Inc. gained 12.2% to $19.81 after the company announced the manufacture of the first of three commercial-scale process performance qualification batches of TRIESENCE 40 mg/mL. Also the company announced that the second and third required PPQ batches are now scheduled.
• ZKH Group Limited rose 11.4% to $3.92
• NANO Nuclear Energy Inc. gained 11.3% to $12.91.
• Himax Technologies, Inc. jumped 11.1% to $8.23
• UTime Limited surged 11% to $0.5849
• Nexalin Technology, Inc. gained 10% to $1.1450. Nexalin Technology shares jumped around 38% on Tuesday after the company was awarded a US patent on ‘Transcranial alternating current dynamic frequency stimulation (TACS) method for Alzheimers and Dementia.’
• Bilibili Inc. shares climbed 7.8% to $17.45. On Tuesday, JP Morgan analyst Daniel Chen upgraded Bilibili from Neutral to Overweight and announced a $21 price target.
• Super Micro Computer, Inc. gained 7% to $982.60 after Elon Musk indicated the company will provide server racks for the supercomputer that xAI is building.
• Advanced Micro Devices, Inc. rose 5% to $162.36.

Losers

• Trevena, Inc. fell 43.7% to $0.1993. Trevena announced preclinical TRV045 data for long-term analgestic effect in prelinical model of neuropathic pain. Also, the company announced TRV045 results provided director for additional NIH-initiated studies in epilepsy prevention and treatment.
• Kaival Brands Innovations Group, Inc shares declined 33.5% to $2.99 after gaining 8% on Tuesday.
• Sonnet BioTherapeutics Holdings, Inc. fell 29% to $1.10. Sonnet BioTherapeutics announced exercise of warrants for gross proceeds of $3.4 million.
• Tempest Therapeutics, Inc. declined 25% to $2.1208. The company announced new data from the ongoing Phase 1b/2 clinical study on amezalpat2 (TPST-1120).
• Nikola Corporation declined 23.6% to $0.3672. Nikola announced 1-for-30 reverse stock split approved by board.
• La Rosa Holdings Corp. shares fell 23.5% to $1.37. La Rosa Holdings shares jumped 72% on Tuesday after the company entered a non-binding letter of intent to acquire a controlling interest in Red Door Title.
• SYLA Technologies Co., Ltd. dipped 21.7% to $1.70.
• Mustang Bio, Inc. shares dipped 21% to $0.6721 after the company announced a $2.5 million registered direct offering of 6.130 million shares at $0.41 per share.
• QXO, Inc. fell 20.9% to $72.55.
• NLS Pharmaceutics AG tumbled 20.3% to $0.1910 after jumping 82% on Tuesday.
• DermTech, Inc. fell 19.4% to $0.1176.
• Dunxin Financial Holdings Limited shares fell 19.4% to $0.1728 after dipping 17% on Tuesday.
• Tempus AI, Inc fell 15.1% to $25.76 amid post-IPO volatility.
• Esperion Therapeutics, Inc. declined 15% to $2.2991 after B of A Securities downgraded the stock from Neutral to Underperform.
• SRIVARU Holding Limited shares fell 13.7% to $0.2150. SRIVARU, last week, announced it will begin accepting paid reservations and bookings for its flagship product, the PRANA 2.0, on June 16th.
• Actelis Networks, Inc. fell 12.2% to $1.8602. Actelis Networks shares jumped 84% on Tuesday after the company announced an agreement to serve as Carahsoft’s public sector distributor.
• Jasper Therapeutics, Inc. declined 10.1% to $20.84. Jasper Therapeutics announced appointment of Svetlana Lucas Ph.D., to its Board of Directors.
• GMS Inc. declined 6.5% to $84.02 after the company reported mixed fourth-quarter financial results.
• Nayax Ltd. fell 6.1% to $21.23.
• Vanda Pharmaceuticals Inc. fell 5% to $6.03 after the company’s board determined that recent takeover proposals were not in its best interests.

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By Chris Wack

Harrow shares rose after the company said it successfully manufactured the first of three commercial-scale process performance qualification batches of Triesence.

Shares were up 12% to $19.83 in recent trading. The stock is up more than 77% so far this year.

Triesence is the company's preservative-free synthetic corticosteroid that is FDA-approved for the treatment of ocular inflammatory conditions that are unresponsive to topical corticosteroids.

Harrow also said that the second and third required batches are now scheduled, and should these PPQ batches meet specifications, the new production process will be deemed complete, allowing Harrow to relaunch during 2024.

The company said Triesence has been on the FDA Drug Shortage List for more than five years, with all Triesence inventories having been depleted in the U.S. market for more than two years.

Write to Chris Wack at chris.wack@wsj.com

U.S. stocks were mixed, with the Dow Jones index gaining around 150 points on Thursday.

Shares of KB Home rose during Thursday's session as the company posted better-than-expected earnings and sales results for its second quarter on Tuesday.

KB Home reported quarterly earnings of $2.15 per share, which beat the analyst consensus estimate of $1.78. Quarterly sales came in at $1.71 billion, which beat the analyst consensus estimate of $1.651 billion, according to data from Benzinga Pro.

KB Home shares gained 4.2% to $70.91 on Thursday.

Here are some other big stocks recording gains in today’s session.

• Ocular Therapeutix, Inc. shares climbed 16% to $6.36 after TD Cowen upgraded the stock from Hold to Buy and raised its price target from $7 to $11.
• Applied Digital Corporation jumped 15.3% to $5.95.
• Ranpak Holdings Corp. rose 13.7% to $6.49.
• ImmunityBio, Inc. gained 13.6% to $7.08 after the company announced insurance coverage of ANKTIVA across multiple states with first commercial doses administered.
• Harrow, Inc. shares jumped 12.2% to $19.81 after the company announced the manufacture of the first of three commercial-scale process performance qualification batches of TRIESENCE 40 mg/mL. Also the company announced that the second and third required PPQ batches are now scheduled.
• ZKH Group Limited climbed 11.4% to $3.92
• NANO Nuclear Energy Inc. rose 11.3% to $12.91.
• Himax Technologies, Inc. surged 11.1% to $8.23
• Globant S.A. gained 7.9% to $166.36 after the company announced the launch of Globant GUT.
• Bilibili Inc. shares jumped 7.8% to $17.45. On Tuesday, JP Morgan analyst Daniel Chen upgraded Bilibili from Neutral to Overweight and announced a $21 price target.
• Super Micro Computer, Inc. climbed 7% to $982.60 after Elon Musk indicated the company will provide server racks for the supercomputer that xAI is building.
• Accenture plc gained 6.7% to $304.41 after the company posted quarterly results.
• ZIM Integrated Shipping Services Ltd. rose 6.2% to $20.18.
• WestRock Company rose 5.6% to $52.48.
• Advanced Micro Devices, Inc. gained 5% to $162.36.
• Kohl’s Corporation climbed 4.5% to $22.35.
• Gilead Sciences, Inc. rose 4.1% to $65.76 after the company announced results from an interim analysis of a Phase 3 trial, showing Lenacapavir demonstrated 100% efficacy for HIV prevention and superiority to daily Truvada.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.