The CEO and CFO both bought the dip at ~$30 after the 8% earnings drag — this is the most predictive insider pattern (cluster C-suite buys). VEVYE NRx +25% QoQ and a $350M guided top line support the thesis that the $8M gross-to-net adjustment was one-time. Monitor for continued RAMP / VEVYE market share data and next 10-Q for cash-flow inflection.
Price Chart
Executive Summary
Harrow CEO Mark Baum, CFO Andrew Boll, and two directors collectively purchased $438K of stock in a 7-day cluster following a Q1 2026 earnings miss that triggered an 8% stock drop. Baum alone bought $302K at ~$30.20, the largest insider purchase by seniority and dollar value. The cluster is a strong bullish signal — C-suite co-investment at a 21% discount from the stock's pre-earnings level ($38.27) signals confidence in the VEVYE demand narrative and reaffirmed $350M-$365M FY2026 guidance.
Key Financial Metrics
Key Facts
- CEO Mark Baum purchased $302K in open-market shares on May 14 at $30.20
- CFO Andrew Boll purchased $105K on May 14 at $29.90
- Two directors (Lauren Silvernail, Adrienne Graves) added $62K cumulatively on May 18 at ~$31
- Total cluster purchase value = $438K, representing ~0.037% of HROW's $1.2B market cap
- Chief Scientific Officer Amir Shojaei received a 10,000-share grant ($0 cash) — non-cash, not a buy
- Earnings miss (Q1 rev -8% YoY, $0.74 GAAP loss) drove stock down ~8%; FY guidance reaffirmed at $350M-$365M revenue
Financial Impact
Insiders purchased $438K in the open market, ~0.037% of $1.2B market cap. While small in percentage terms, the C-suite co-purchase at a post-earnings-discount price is the strongest cluster signal in the insider literature.
Risk Factors
- Q1 operating cash flow was -$9.0M, suggesting continued capital needs
- FY guidance reaffirmation is verbal — actual execution may fall short if coverage expansion delays persist
- The $438K cluster is only 0.037% of market cap; stock could remain weak if broader pharmaceutical sector rotates
- 225 of 2700 calibration observations show net negative alpha after costs at this impact score level
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-HROW-1779188462675 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $28.95 (−5.33%) |
Oct 5, 2026 21d ago | Press Release | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $28.95 (−5.33%) |
Aug 10, 2026 11w ago | 8-K | $39.42 $39.36 | ▼ −0.15% | ▼ −0.40% | $28.95 (−26.56%) |
Aug 10, 2026 11w ago | Press Release | $39.42 $39.36 | ▲ +0.15% | ▲ +0.40% | $28.95 (+26.56%) |
Aug 6, 2026 11w ago | 8-K | $39.92 $40.44 | ▲ +1.30% | ▲ +0.69% | $28.95 (−27.48%) |
Jul 27, 2026 13w ago | Press Release | $37.46 | awaiting T+1 | — | $28.95 (−22.72%) |
Jul 20, 2026 14w ago | Press Release | $44.45 $43.71 | ▼ −1.66% | ▼ −2.50% | $28.95 (−34.87%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.64 $38.93 | ▲ +3.43% | ▲ +1.66% | $28.95 (−23.09%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.65 $37.64 | ▼ −0.03% | ▼ −0.57% | $28.95 (−23.11%) |
Jun 3, 2026 20w ago | 8-K | $33.32 $34.69 | ▲ +4.11% | ▲ +3.71% | $28.95 (−13.12%) |
US Market Status
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