Back in May, a jury ruled in Harrow Health's favor in a lawsuit that Allergan filed against Harrow for intellectual property infringement. Allergan has been appealing the ruling, but today the two companies jointly filed an 8k form indicating that they had jointly dismissed all pending appeals and exchanged no money. In other words, Harrow got off scot-free and will no longer incur legal fees related to the case. This is great news, so it's surprising that the stock is down, especially when the market as a whole is up. Perhaps Harrow will get a boost if some news agencies pick up the story. In the meantime, Harrow is approaching support at about $5. I picked up a few shares at $5.25 and will look to buy more at $5.
Harrow Health has a 9.4/10 Equity StarMine Summary Score and is rated undervalued (73/100) by S&P Capital IQ.
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Harrow did get a bit of a bounce today.
Trade closed: target reached
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Harrow has reached a resistance level, and IMO is unlikely to move much higher for now. We could see the mid-$8.00 range at best.