Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy posted a double-digit gain in the fourth quarter but trailed the benchmark Russell Microcap Index which rose 16.06%. In 2023, the strategy appreciated and outperformed the benchmark’s 9.33% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wasatch Micro Cap Value Strategy featured stocks like Harrow, Inc. (NASDAQ:HROW) in the fourth quarter 2023 investor letter. Headquartered in Nashville, Tennessee, Harrow, Inc. (NASDAQ:HROW) is an eyecare pharmaceutical company. On March 12, 2024, Harrow, Inc. (NASDAQ:HROW) stock closed at $10.46 per share. One-month return of Harrow, Inc. (NASDAQ:HROW) was -8.96%, and its shares lost 39.85% of their value over the last 52 weeks. Harrow, Inc. (NASDAQ:HROW) has a market capitalization of $367.331 million.
Wasatch Micro Cap Value Strategy stated the following regarding Harrow, Inc. (NASDAQ:HROW) in its fourth quarter 2023 investor letter:
“Another significant detractor from strategy performance was Harrow, Inc. (NASDAQ:HROW). The company focuses on the discovery, development and commercialization of ophthalmic pharmaceutical products as well as medications prescribed to treat patients managing chronic and acute eye conditions such as dry-eye disease, glaucoma, allergies, infections and other ophthalmic inflammatory conditions. In November, management acknowledged it had been too optimistic about the business and lowered guidance for upcoming sales and earnings. As a result, the stock was down significantly. At the current valuation, we’re holding a small position in Harrow with the expectation that the business will get back on track within the next two quarters.”
A medical professional wearing an eye mask, demonstrating the effectiveness of Bausch Health’s ophthalmic solutions.
Harrow, Inc. (NASDAQ:HROW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Harrow, Inc. (NASDAQ:HROW) was held by 14 hedge fund portfolios, compared to 18 in the previous quarter, according to our database.
We discussed Harrow, Inc. (NASDAQ:HROW) in another article and shared the list of best small cap pharma stocks to invest in. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
