Zacks Investment Research Lowers Aerie Pharmaceuticals, Inc. (AERI) to Sell

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

According to Zacks, “Aerie’s efforts on developing two late-stage candidates – Rhopressa and Roclatan – are encouraging. However, with no approved product in its portfolio, Aerie depends heavily on a potential approval of Rhopressa. 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. A further delay will impact the growth prospects. A meeting of the Dermatologic and Ophthalmic Drugs Advisory Committee of the FDA has been scheduled for October 13 to review the NDA. 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 performed worse than the industry in the last three months.”

Several other research analysts have also recently commented on AERI. Mizuho reissued a “buy” rating and set a $70.00 price target on shares of Aerie Pharmaceuticals in a research report on Monday, October 2nd. Canaccord Genuity set a $65.00 price target on Aerie Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, August 8th. HC Wainwright set a $69.00 price target on Aerie Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “buy” rating and set a $70.00 price target on shares of Aerie Pharmaceuticals in a research report on Friday, July 28th. Finally, Cowen and Company reissued a “buy” rating on shares of Aerie Pharmaceuticals in a research report on Thursday, October 5th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $66.62.

Shares of Aerie Pharmaceuticals (NASDAQ AERI) traded down 0.427% during midday trading on Tuesday, hitting $52.475. The stock had a trading volume of 319,960 shares. Aerie Pharmaceuticals has a one year low of $32.05 and a one year high of $61.30. The firm’s 50-day moving average is $54.40 and its 200 day moving average is $50.44. The company’s market capitalization is $1.91 billion.

Aerie Pharmaceuticals (NASDAQ:AERI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported ($0.82) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.02. Equities analysts expect that Aerie Pharmaceuticals will post ($2.59) earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in AERI. Wells Fargo & Company MN lifted its position in shares of Aerie Pharmaceuticals by 22.1% in the first quarter. Wells Fargo & Company MN now owns 26,273 shares of the company’s stock valued at $1,191,000 after buying an additional 4,758 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Aerie Pharmaceuticals by 34.8% in the first quarter. Bank of New York Mellon Corp now owns 265,076 shares of the company’s stock valued at $12,021,000 after buying an additional 68,360 shares during the last quarter. Swiss National Bank lifted its position in shares of Aerie Pharmaceuticals by 8.3% in the first quarter. Swiss National Bank now owns 46,800 shares of the company’s stock valued at $2,122,000 after buying an additional 3,600 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of Aerie Pharmaceuticals by 97.3% in the first quarter. UBS Asset Management Americas Inc. now owns 12,430 shares of the company’s stock valued at $564,000 after buying an additional 6,130 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new stake in shares of Aerie Pharmaceuticals in the first quarter valued at approximately $213,000. 94.64% of the stock is 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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