Zacks Investment Research cut shares of Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) from a buy rating to a hold rating in a research note published 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 Aerie had earlier withdrawn its NDA that was filed in September as a third party manufacturing facility in Tampa, FL was not ready for pre-approval inspection by the FDA.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.”

Several other equities research analysts have also recently issued reports on AERI. HC Wainwright reiterated a buy rating and issued a $69.00 price objective on shares of Aerie Pharmaceuticals in a report on Thursday, May 25th. BidaskClub cut Aerie Pharmaceuticals from a sell rating to a strong sell rating in a report on Saturday, June 17th. Canaccord Genuity reiterated a buy rating and issued a $56.00 price objective on shares of Aerie Pharmaceuticals in a report on Tuesday, April 18th. Stifel Nicolaus reiterated a buy rating on shares of Aerie Pharmaceuticals in a report on Friday, May 26th. Finally, Aegis reiterated a buy rating and issued a $63.00 price objective on shares of Aerie Pharmaceuticals in a report on Thursday, April 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $66.08.

Aerie Pharmaceuticals (NASDAQ:AERI) traded up 2.33% during trading on Tuesday, hitting $54.95. The stock had a trading volume of 256,514 shares. The company’s market cap is $2.00 billion. Aerie Pharmaceuticals has a 52-week low of $16.85 and a 52-week high of $59.50. The firm’s 50-day moving average price is $54.24 and its 200-day moving average price is $47.46.

Aerie Pharmaceuticals (NASDAQ:AERI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported ($0.82) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.84) by $0.02. Analysts predict that Aerie Pharmaceuticals will post ($2.57) EPS for the current fiscal year.

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In other Aerie Pharmaceuticals news, major shareholder Foresite Capital Fund Ii, L.P. sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $55.95, for a total value of $1,119,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.36% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Federated Investors Inc. PA raised its stake 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 worth $334,000 after buying an additional 6,230 shares in the last quarter. Tocqueville Asset Management L.P. raised its stake in Aerie Pharmaceuticals by 40.2% in the second quarter. Tocqueville Asset Management L.P. now owns 127,450 shares of the company’s stock worth $6,697,000 after buying an additional 36,550 shares in the last quarter. Columbus Circle Investors raised its stake in Aerie Pharmaceuticals by 30.6% in the second quarter. Columbus Circle Investors now owns 368,673 shares of the company’s stock worth $19,374,000 after buying an additional 86,364 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Aerie Pharmaceuticals by 2,711.4% in the second quarter. BNP Paribas Arbitrage SA now owns 3,711 shares of the company’s stock worth $195,000 after buying an additional 3,579 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Aerie Pharmaceuticals by 7.4% in the second quarter. Legal & General Group Plc now owns 7,534 shares of the company’s stock worth $396,000 after buying an additional 519 shares in the last quarter. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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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