Zacks Investment Research lowered shares of Aerie Pharmaceuticals (NASDAQ:AERI) from a hold rating to a sell rating in a report released on Wednesday, November 22nd.
According to Zacks, “With no approved product in its portfolio, Aerie depends heavily on a potential approval of Rhopressa. Aerie had to withdraw its NDA in the United States submitted in 2016 as a third-party manufacturing facility in Tampa, FL, not being ready for pre-approval inspection. The delay in the NDA filing was quite disappointing as Rhopressa is Aerie’s lead late-stage candidate. Any such delays will adversely impact prospects. Aerie resubmitted its 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. The Dermatologic and Ophthalmic Drugs Advisory Committee of the FDA voted in favor of Rhopressa’s approval. A potential approval of Rhopressa will boost the company’s growth prospects. Aerie’s shares have outperformed the industry in the last six months.”
AERI has been the topic of a number of other reports. Mizuho reaffirmed a buy rating and set a $70.00 price target on shares of Aerie Pharmaceuticals in a research report on Wednesday, October 25th. Needham & Company LLC reissued a buy rating and issued a $65.00 target price on shares of Aerie Pharmaceuticals in a research report on Sunday, September 17th. Stifel Nicolaus reissued a buy rating and issued a $70.00 target price on shares of Aerie Pharmaceuticals in a research report on Friday, July 28th. Cantor Fitzgerald set a $69.00 target price on Aerie Pharmaceuticals and gave the company a buy rating in a research report on Thursday, November 16th. Finally, Canaccord Genuity set a $65.00 price target on Aerie Pharmaceuticals and gave the stock a buy rating in a research report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $71.43.
Shares of Aerie Pharmaceuticals (AERI) traded up $0.20 during trading hours on Wednesday, hitting $57.60. The company’s stock had a trading volume of 325,330 shares, compared to its average volume of 510,999. The company has a quick ratio of 15.24, a current ratio of 15.24 and a debt-to-equity ratio of 0.78. Aerie Pharmaceuticals has a fifty-two week low of $35.50 and a fifty-two week high of $66.60.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Aerie Pharmaceuticals by 113,376.8% in the 1st quarter. BlackRock Inc. now owns 2,600,888 shares of the company’s stock valued at $117,951,000 after acquiring an additional 2,598,596 shares during the last quarter. Vanguard Group Inc. raised its holdings in Aerie Pharmaceuticals by 55.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,158,825 shares of the company’s stock valued at $113,446,000 after acquiring an additional 766,300 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Aerie Pharmaceuticals by 25.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 550,275 shares of the company’s stock valued at $26,743,000 after acquiring an additional 113,320 shares during the last quarter. Columbus Circle Investors raised its holdings in Aerie Pharmaceuticals by 41.0% in the 3rd quarter. Columbus Circle Investors now owns 519,806 shares of the company’s stock valued at $25,263,000 after acquiring an additional 151,133 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Aerie Pharmaceuticals by 6.6% in the 2nd quarter. Northern Trust Corp now owns 405,116 shares of the company’s stock valued at $21,289,000 after acquiring an additional 25,254 shares during the last quarter.
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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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