Is HROW a good stock to buy? We came across a bullish thesis on Harrow, Inc. on TopSecretStocks’s Substack by Simon. In this article, we will summarize the bulls’ thesis on HROW. Harrow, Inc.’s share was trading at $33.10 as of June 8th. HROW’s trailing and forward P/E were 9.64 and 232.56 respectively according to Yahoo Finance.
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Harrow Inc (HROW) is a rapidly evolving ophthalmic pharmaceutical platform that has transformed from a niche compounding pharmacy into one of North America’s leading branded eye care players, positioned as a structurally undervalued mid-cap growth story. The company operates across dry eye, ocular anesthesia, corticosteroids, and retinal biosimilars, with VEVYE, IHEEZO, and TRIESENCE driving momentum alongside launches BYQLOVI and biosimilars BYOOVIZ and OPUVIZ.
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Revenue accelerated in 2025 to $272.3 million, up 36% year over year, while EBITDA rose 54% to $61.9 million, reflecting improving operating leverage and prescription expansion across its portfolio. Growth is supported by a structurally expanding ophthalmic market from aging demographics, diabetes prevalence, and rising dry eye incidence, with global ophthalmic drugs market expected to nearly double over the next decade.
Harrow’s key products address multi-billion-dollar markets including dry eye disease and the $8 billion+ anti-VEGF segment, while salesforce expansion and payer coverage gains in 2026 add further catalysts for sustained acceleration. Despite continued execution strength, the stock has pulled back to around $36 due to temporary accounting-related EBITDA noise, creating a disconnect between underlying fundamentals and valuation.
Analyst targets near $71 imply about 86% upside over the next 12 months, with a base case price objective of $65 reinforcing a highly asymmetric setup supported by multiple near-term commercial and pipeline catalysts. Pipeline execution, biosimilar penetration, and expansion support sustained double-digit growth and potential multiple rerating as investors recognize the scale of the platform and its expanding ophthalmic franchise footprint.
Previously, we covered a bullish thesis on Harrow, Inc. (HROW) by Simon in October 2024, which highlighted revenue growth, VEVYE adoption and expanding ophthalmic portfolio. HROW’s stock price has depreciated by approximately 24.89% since our coverage. Simon shares a similar view but emphasizes stronger FY25 EBITDA expansion, biosimilar launches and a more pronounced valuation rerating driven by near-term catalysts across the ophthalmic franchise outlook expansion.
Harrow, Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held HROW at the end of the first quarter which was 24 in the previous quarter. While we acknowledge the risk and potential of HROW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HROW and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
