Zacks Investment Research Downgrades Aerie Pharmaceuticals Inc. (AERI) to Sell
Aerie Pharmaceuticals Inc. (NASDAQ:AERI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Aerie has been facing development setbacks and stiff competition in the glaucoma market. Since it has no approved product in its portfolio, any regulatory setback may have an adverse impact on the stock. Moreover overdependence on Rhopressa for growth is another matter of concern for the company. However, Aerie filed a new drug application for its lead candidate, Rhopressa, in the U.S. in the Sep 2016 for treatment of glaucoma. A potential approval and successful commercialization of the drug will significantly boost the company’s growth prospects. Estimates haveremained mostly stable ahead of the company’s Q3 earnings release. However, the company has a negative record of earnings surprises in recent quarters.”
AERI has been the topic of several other research reports. HC Wainwright started coverage on Aerie Pharmaceuticals in a research report on Tuesday, September 20th. They issued a “buy” rating and a $66.00 target price on the stock. Raymond James Financial Inc. started coverage on Aerie Pharmaceuticals in a research report on Tuesday, September 13th. They issued an “outperform” rating and a $48.00 target price on the stock. Brean Capital restated a “buy” rating and issued a $48.00 target price on shares of Aerie Pharmaceuticals in a research report on Wednesday, September 7th. Needham & Company LLC restated a “buy” rating and issued a $45.00 target price on shares of Aerie Pharmaceuticals in a research report on Tuesday, August 23rd. Finally, Cantor Fitzgerald raised their target price on Aerie Pharmaceuticals from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, September 15th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $51.40.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/09/zacks-investment-research-downgrades-aerie-pharmaceuticals-inc-aeri-to-sell.html
Aerie Pharmaceuticals (NASDAQ:AERI) opened at 40.49 on Tuesday. The firm has a 50-day moving average price of $28.57 and a 200 day moving average price of $19.49. Aerie Pharmaceuticals has a 12 month low of $10.82 and a 12 month high of $41.72. The company’s market cap is $1.13 billion.
Aerie Pharmaceuticals (NASDAQ:AERI) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.02. Equities research analysts predict that Aerie Pharmaceuticals will post ($2.81) EPS for the current year.
In other Aerie Pharmaceuticals news, major shareholder Foresite Capital Fund Ii, L.P. sold 50,000 shares of Aerie Pharmaceuticals stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $40.34, for a total value of $2,017,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.77% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of AERI. Adage Capital Partners GP L.L.C. increased its stake in Aerie Pharmaceuticals by 24.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,025,000 shares of the company’s stock worth $24,624,000 after buying an additional 400,000 shares in the last quarter. Jennison Associates LLC increased its stake in Aerie Pharmaceuticals by 0.6% in the second quarter. Jennison Associates LLC now owns 3,711,695 shares of the company’s stock worth $65,326,000 after buying an additional 21,505 shares in the last quarter. Deerfield Management Co. increased its stake in Aerie Pharmaceuticals by 225.9% in the first quarter. Deerfield Management Co. now owns 2,632,482 shares of the company’s stock worth $32,011,000 after buying an additional 1,824,607 shares in the last quarter. Benchmark Capital Advisors increased its stake in Aerie Pharmaceuticals by 8.3% in the second quarter. Benchmark Capital Advisors now owns 54,700 shares of the company’s stock worth $963,000 after buying an additional 4,200 shares in the last quarter. Finally, Suffolk Capital Management LLC acquired a new stake in Aerie Pharmaceuticals during the second quarter worth approximately $2,094,000. Institutional investors own 95.22% of the company’s stock.
About Aerie Pharmaceuticals
Aerie Pharmaceuticals, Inc is a clinical-stage pharmaceutical company. The Company is engaged in the discovery, development and commercialization of therapies for the treatment of patients with glaucoma and other diseases of the eye. The Company’s primary product candidates are Rhopressa and Roclatan.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Aerie Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Aerie Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.