Form 4: Opaleye Management Sells HROW Shares

Opaleye Management Inc., a 10% owner of Harrow, Inc., reported selling 198,572 shares of common stock over two days in early March 2026.

Summary

• Opaleye Management Inc., a 10% owner and director of Harrow, Inc. (HROW), reported sales of common stock.
• On March 3, 2026, 59,000 shares were sold by Opaleye, L.P. at a weighted average price of $39.1524 per share, with prices ranging from $38.50 to $40.66.
• On the same date, an additional 1,309 shares were sold by a Managed Account at the same weighted average price of $39.1524 per share.
• On March 4, 2026, 134,000 shares were sold by Opaleye, L.P. at a weighted average price of $39.6721 per share, with prices ranging from $39.12 to $40.50.
• Also on March 4, 2026, 4,263 shares were sold by a Managed Account at the same weighted average price of $39.6721 per share.
• Following these transactions, Opaleye, L.P. beneficially owns 3,622,000 shares, and the Managed Account beneficially owns 59,428 shares.
• The total number of shares sold across both entities and dates is 198,572.
• The transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a moderately negative signal due to significant insider selling by a 10% owner, despite the transactions being conducted under a Rule 10b5-1 plan.

Positives

• Sales were made pursuant to a Rule 10b5-1(c) plan, indicating pre-scheduled transactions rather than reactive selling.

Negatives

• A significant 10% owner and director sold a substantial number of shares (198,572 shares) over two days.
• Insider selling can sometimes be interpreted by the market as a lack of confidence in the company's near-term prospects, even if part of a 10b5-1 plan.

Risks

• Potential negative market perception due to significant insider selling by a 10% owner and director.
• The sales could put downward pressure on the stock price if the market interprets them negatively.

Future Outlook

NA

Management Comments

• Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

StockSavvy.ai notes that insider selling, even when pre-scheduled via a 10b5-1 plan, is often scrutinized by investors for potential signals about future company performance or valuation, especially from a significant 10% owner in the pharmaceutical or healthcare sector where HROW operates.

Related Party Transactions

• Sale of Harrow, Inc. common stock by Opaleye Management Inc., a 10% owner and director, through its managed entities (Opaleye, L.P. and a Managed Account).

Stakeholder Impact

• Shareholders: Potential negative sentiment and downward pressure on stock price due to insider selling.
• Company: No direct operational impact, but potential impact on investor relations and market perception.

Key Dates

Recommendation

The significant sale of shares by a 10% owner and director, Opaleye Management Inc., is a notable event. While the transactions were conducted under a Rule 10b5-1 plan, which suggests pre-planned selling rather than a reactive move, such large insider sales can still signal that a major shareholder believes the stock is fully valued or that future upside is limited. Investors should monitor HROW's upcoming financial results and other corporate developments for further insights, maintaining a 'hold' position until more information clarifies the broader implications of this insider activity.

Keywords

Harrow Inc., HROW, Opaleye Management, Insider Selling, Form 4, Beneficial Ownership, Stock Sale, 10% Owner, Director