Why Shares of Harrow Health Are Jumping Wednesday
Shares of Harrow Health (NASDAQ: HROW) were up more than 17% at 11 a.m. ET on Wednesday after the eye care pharmaceutical company made several big announcements after the market closed on Tuesday and before it opened on Wednesday. The stock is up more than 45% so far this year.
Harrow has the U.S. commercial rights to 10 branded ophthalmic pharmaceutical products approved by the Food and Drug Administration (FDA). Harrow also owns ImprimisRx, a leading U.S. ophthalmic‑focused pharmaceutical compounding business. After the markets closed on Tuesday, the company announced it was acquiring certain products from private Japanese pharmaceutical company Santen Pharmaceutical, which will substantially add to Harrow's stable of branded products. The new products include Flarex, a corticosteroid used for certain inflammatory eye conditions, Natacyn, a antifungal therapy used to treat conjuctivitis and other fungal conditions of the eye, antibiotic Tobradex, antifungal Verkazia, eye allergy medication Zerviate, and eye lubricants Freshkote and Cationorm Plus.
The company also announced, after the market closed on Tuesday, that it expected second-quarter revenues to be more than $31 million, compared to $23.3 million in the same period last year.
Source Fool.com
