Aerie Pharmaceuticals, Inc. (AERI) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) from a buy rating to a hold rating in a research report released on Monday morning.
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 Aerie had earlier withdrawn its NDA that was filed in September A potential approval of Rhopressa in early 2018 and successful commercialization will significantly boost the company’s growth prospects in the global ophthalmic market. Moreover, Aerie’s shares have outperformed the industry in the year so far. The recent data on Roclatan is also positive. However, with no approved product in its portfolio, Aerie depends heavily on a potential approval of Rhopressa.”
Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald reiterated an overweight rating and issued a $62.00 price target (up previously from $56.00) on shares of Aerie Pharmaceuticals in a report on Thursday, July 20th. Aegis increased their price objective on shares of Aerie Pharmaceuticals from $63.00 to $70.00 and gave the company a buy rating in a research note on Thursday, May 25th. HC Wainwright reissued a buy rating and issued a $69.00 price objective on shares of Aerie Pharmaceuticals in a research note on Thursday, May 25th. BidaskClub raised shares of Aerie Pharmaceuticals from a strong sell rating to a sell rating in a research note on Monday, July 24th. Finally, ValuEngine raised shares of Aerie Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company. Aerie Pharmaceuticals currently has a consensus rating of Buy and an average target price of $66.08.
Shares of Aerie Pharmaceuticals (NASDAQ:AERI) opened at 55.15 on Monday. Aerie Pharmaceuticals has a 12 month low of $18.52 and a 12 month high of $59.50. The company’s market cap is $2.00 billion. The stock’s 50 day moving average is $54.13 and its 200-day moving average is $48.67.
Aerie Pharmaceuticals (NASDAQ:AERI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported ($0.82) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.84) by $0.02. On average, equities analysts forecast that Aerie Pharmaceuticals will post ($2.56) EPS for the current year.
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Several large investors have recently added to or reduced their stakes in AERI. BlackRock Inc. boosted its stake in Aerie Pharmaceuticals by 113,376.8% in the first quarter. BlackRock Inc. now owns 2,600,888 shares of the company’s stock valued at $117,951,000 after buying an additional 2,598,596 shares in the last quarter. Vanguard Group Inc. boosted its stake in Aerie Pharmaceuticals by 55.0% in the second quarter. Vanguard Group Inc. now owns 2,158,825 shares of the company’s stock valued at $113,446,000 after buying an additional 766,300 shares in the last quarter. Senzar Asset Management LLC purchased a new stake in Aerie Pharmaceuticals during the second quarter valued at about $20,568,000. Broadfin Capital LLC purchased a new stake in Aerie Pharmaceuticals during the second quarter valued at about $16,291,000. Finally, AXA purchased a new stake in Aerie Pharmaceuticals during the second quarter valued at about $10,961,000. 94.64% of the stock is currently owned by institutional investors.
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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