Zacks Investment Research lowered shares of Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) from a buy rating to a hold rating in a report issued on Tuesday, July 11th.
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 Aerie had earlier withdrawn its NDA that was filed in September as a third party manufacturing facility in Tampa, FL was not ready for pre-approval inspection by the FDA.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.”
AERI has been the topic of several other research reports. HC Wainwright reiterated a buy rating and issued a $69.00 price target on shares of Aerie Pharmaceuticals in a research note on Wednesday, May 3rd. Stifel Nicolaus boosted their target price on shares of Aerie Pharmaceuticals from $55.00 to $65.00 and gave the stock a buy rating in a report on Tuesday, July 4th. Canaccord Genuity restated a buy rating and issued a $56.00 target price on shares of Aerie Pharmaceuticals in a report on Tuesday, April 18th. ValuEngine upgraded shares of Aerie Pharmaceuticals from a sell rating to a hold rating in a report on Friday, June 2nd. Finally, Cowen and Company reiterated an outperform rating and set a $70.00 price target on shares of Aerie Pharmaceuticals in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $66.08.
Aerie Pharmaceuticals (AERI) traded down 7.93% on Tuesday, hitting $51.65. The company had a trading volume of 1,542,959 shares. Aerie Pharmaceuticals has a one year low of $17.64 and a one year high of $59.50. The company’s market capitalization is $1.88 billion. The stock’s 50-day moving average price is $54.54 and its 200 day moving average price is $47.60.
Aerie Pharmaceuticals (NASDAQ:AERI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported ($0.82) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.84) by $0.02. On average, analysts expect that Aerie Pharmaceuticals will post ($2.56) EPS for the current fiscal year.
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In other news, major shareholder Foresite Capital Fund Ii, L.P. sold 20,000 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $55.95, for a total value of $1,119,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 9.36% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in AERI. Principal Financial Group Inc. purchased a new stake in Aerie Pharmaceuticals during the second quarter valued at approximately $427,000. Boulegeris Investments Inc. increased its position in Aerie Pharmaceuticals by 5.2% in the second quarter. Boulegeris Investments Inc. now owns 79,525 shares of the company’s stock valued at $4,179,000 after buying an additional 3,900 shares during the last quarter. Neuberger Berman Group LLC bought a new position in Aerie Pharmaceuticals during the second quarter valued at about $657,000. Prudential Financial Inc. increased its position in Aerie Pharmaceuticals by 30.0% in the second quarter. Prudential Financial Inc. now owns 82,590 shares of the company’s stock valued at $4,340,000 after buying an additional 19,060 shares in the last quarter. Finally, Federated Investors Inc. PA increased its position in Aerie Pharmaceuticals by 4,792.3% in the second quarter. Federated Investors Inc. PA now owns 6,360 shares of the company’s stock valued at $334,000 after buying an additional 6,230 shares in the last quarter. Institutional investors own 92.98% 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 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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