Zacks Investment Research Upgrades Aerie Pharmaceuticals, Inc. (AERI) to “Hold”

Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, October 24th.

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. Earlier in the month, the Dermatologic and Ophthalmic Drugs Advisory Committee of the FDA voted in favor of Rhopressa’s approval. A potential approval of Rhopressa in early 2018 and successful commercialization will significantly boost the company’s growth prospects in the global ophthalmic market. Aerie’s shares have outperformed the industry in the year so far. However, with no approved product in its portfolio, Aerie depends heavily on a potential approval of Rhopressa. A further delay will impact the growth prospects.”

A number of other research firms have also recently commented on AERI. Canaccord Genuity reiterated a “buy” rating on shares of Aerie Pharmaceuticals in a report on Friday, September 22nd. Mizuho restated a “buy” rating and set a $70.00 price objective on shares of Aerie Pharmaceuticals in a research report on Monday, October 16th. Stifel Nicolaus raised their price objective on shares of Aerie Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 4th. Cantor Fitzgerald restated a “buy” rating and set a $62.00 price objective on shares of Aerie Pharmaceuticals in a research report on Wednesday, October 11th. Finally, BidaskClub upgraded shares of Aerie Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $70.93.

Aerie Pharmaceuticals (NASDAQ AERI) opened at $62.00 on Tuesday. Aerie Pharmaceuticals has a 1-year low of $35.20 and a 1-year high of $66.25. The company has a quick ratio of 22.45, a current ratio of 22.44 and a debt-to-equity ratio of 0.67.

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Several institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in shares of Aerie Pharmaceuticals by 9.2% in the third quarter. Wells Fargo & Company MN now owns 26,898 shares of the company’s stock worth $1,308,000 after purchasing an additional 2,266 shares during the last quarter. Axiom International Investors LLC DE bought a new stake in shares of Aerie Pharmaceuticals in the third quarter worth $2,093,000. Legal & General Group Plc grew its stake in shares of Aerie Pharmaceuticals by 75.8% in the third quarter. Legal & General Group Plc now owns 13,245 shares of the company’s stock worth $644,000 after purchasing an additional 5,711 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in Aerie Pharmaceuticals by 65.0% in the third quarter. Great West Life Assurance Co. Can now owns 4,160 shares of the company’s stock valued at $204,000 after buying an additional 1,639 shares during the period. Finally, JGP Global Gestao de Recursos Ltda. acquired a new position in Aerie Pharmaceuticals in the third quarter valued at $673,000. 94.67% 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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