Aerie Pharmaceuticals Inc. (AERI) Cut to “Sell” at Zacks Investment Research
Aerie Pharmaceuticals Inc. (NASDAQ:AERI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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.”
A number of other research firms have also weighed in on AERI. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price (up previously from $45.00) on shares of Aerie Pharmaceuticals in a research note on Thursday, September 15th. Brean Capital set a $48.00 target price on Aerie Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, September 29th. Cantor Fitzgerald upped their target price on Aerie Pharmaceuticals from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, September 15th. Canaccord Genuity set a $50.00 target price on Aerie Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday, September 14th. Finally, Royal Bank Of Canada upped their target price on Aerie Pharmaceuticals from $51.00 to $55.00 and gave the stock an “outperform” rating in a 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 company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $49.40.
Aerie Pharmaceuticals (NASDAQ:AERI) traded up 0.26% during midday trading on Tuesday, reaching $38.11. The company had a trading volume of 488,790 shares. The stock’s market capitalization is $1.06 billion. Aerie Pharmaceuticals has a one year low of $10.82 and a one year high of $41.72. The company has a 50-day moving average price of $26.22 and a 200-day moving average price of $18.80.
Aerie Pharmaceuticals (NASDAQ:AERI) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.74) by $0.02. On average, equities analysts expect that Aerie Pharmaceuticals will post ($2.80) earnings per share for the current year.
In other Aerie Pharmaceuticals news, major shareholder Foresite Capital Fund Ii, L.P. acquired 250,000 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were acquired at an average cost of $17.50 per share, with a total value of $4,375,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.77% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of Aerie Pharmaceuticals by 3.4% in the second quarter. Barclays PLC now owns 6,015 shares of the company’s stock valued at $106,000 after buying an additional 200 shares during the last quarter. BlackRock Advisors LLC increased its stake in shares of Aerie Pharmaceuticals by 15.0% in the second quarter. BlackRock Advisors LLC now owns 12,310 shares of the company’s stock valued at $217,000 after buying an additional 1,608 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Aerie Pharmaceuticals during the second quarter valued at about $219,000. American International Group Inc. increased its stake in shares of Aerie Pharmaceuticals by 8.5% in the second quarter. American International Group Inc. now owns 13,864 shares of the company’s stock valued at $244,000 after buying an additional 1,082 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Aerie Pharmaceuticals by 17.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 15,900 shares of the company’s stock valued at $286,000 after buying an additional 2,400 shares during the last quarter. 95.22% of the stock is 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 primary product candidates are Rhopressa and Roclatan.
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