Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) Downgraded by Zacks Investment Research to Hold
Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Aerie’s efforts on developing two late-stage candidates – Rhopressa and Roclatan – are encouraging. The company resubmitted new drug application (NDA) for lead candidate Rhopressa in Feb 2017. The FDA determined that the application is sufficiently complete to permit a substantive review and set the PDUFA goal date for the completion of review as Feb 28, 2018. Aerie had earlier withdrawn its NDA that was filed in September as a third party manufacturing facility in Tampa, FL was not ready for pre-approval inspection by the FDA. A potential approval and successful commercialization will significantly boost the company’s growth prospects in the global ophthalmic market. The recent data on Roclatan is also positive. Moreover, Aerie’s shares have outperformed the industry in the last 12 monts. However, with no approved product in its portfolio, Aerie depends heavily on a potential approval of Rhopressa.”
Several other research firms have also issued reports on AERI. HC Wainwright restated a “buy” rating and issued a $69.00 price target on shares of Aerie Pharmaceuticals in a research report on Wednesday, May 3rd. Stifel Nicolaus raised their price target on Aerie Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 4th. Canaccord Genuity restated a “buy” rating and issued a $56.00 price target on shares of Aerie Pharmaceuticals in a research report on Tuesday, April 18th. ValuEngine upgraded Aerie Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Cowen and Company restated an “outperform” rating and issued a $70.00 price target on shares of Aerie Pharmaceuticals in a research report on Tuesday, April 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $61.69.
Shares of Aerie Pharmaceuticals (NASDAQ:AERI) traded up 2.36% during midday trading on Tuesday, hitting $56.30. The stock had a trading volume of 428,084 shares. The stock has a 50 day moving average price of $49.62 and a 200-day moving average price of $44.81. Aerie Pharmaceuticals has a 52 week low of $16.61 and a 52 week high of $59.50. The stock’s market capitalization is $1.89 billion.
Aerie Pharmaceuticals (NASDAQ:AERI) last posted its quarterly earnings results on Tuesday, May 2nd. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.74) by $0.02. Equities research analysts anticipate that Aerie Pharmaceuticals will post ($2.57) earnings per share for the current year.
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In other Aerie Pharmaceuticals news, major shareholder Foresite Capital Fund Ii, L.P. sold 20,000 shares of Aerie Pharmaceuticals stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $55.95, for a total value of $1,119,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gerald D. Cagle purchased 2,000 shares of the company’s stock in a transaction on Wednesday, April 19th. The stock was purchased at an average cost of $41.70 per share, for a total transaction of $83,400.00. Following the purchase, the director now directly owns 10,900 shares in the company, valued at $454,530. The disclosure for this purchase can be found here. Company insiders own 9.36% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC increased its stake in Aerie Pharmaceuticals by 4.2% in the fourth quarter. Guggenheim Capital LLC now owns 34,135 shares of the company’s stock valued at $1,292,000 after buying an additional 1,384 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Aerie Pharmaceuticals by 1.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 136,106 shares of the company’s stock valued at $6,173,000 after buying an additional 1,388 shares in the last quarter. First Mercantile Trust Co. increased its stake in Aerie Pharmaceuticals by 29.9% in the first quarter. First Mercantile Trust Co. now owns 7,031 shares of the company’s stock valued at $319,000 after buying an additional 1,620 shares in the last quarter. HighTower Advisors LLC increased its stake in Aerie Pharmaceuticals by 7.5% in the first quarter. HighTower Advisors LLC now owns 27,426 shares of the company’s stock valued at $1,243,000 after buying an additional 1,907 shares in the last quarter. Finally, Federated Investors Inc. PA increased its stake in Aerie Pharmaceuticals by 88.7% in the fourth quarter. Federated Investors Inc. PA now owns 4,447 shares of the company’s stock valued at $168,000 after buying an additional 2,090 shares in the last quarter. 91.75% of the stock is currently owned by hedge funds and other institutional investors.
Aerie Pharmaceuticals Company Profile
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 product candidates include Rhopressa (netarsudil ophthalmic solution) 0.02% (Rhopressa), and Roclatan (netarsudil/latanoprost ophthalmic solution) 0.02%/0.005% (Roclatan).
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