Aerie Pharmaceuticals Inc. (NASDAQ:AERI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Aerie has been facing development setbacks and stiff competition in the glaucoma market. Since it has no approved product in its portfolio, any regulatory setback may have an adverse impact on the stock. Moreover overdependence on Rhopressa for growth is another matter of concern for the company. However, Aerie filed a new drug application for its lead candidate, Rhopressa, in the U.S. in the Sep 2016 for treatment of glaucoma. A potential approval and successful commercialization of the drug will significantly boost the company’s growth prospects. Estimates haveremained mostly stable ahead of the company’s Q3 earnings release. However, the company has a negative record of earnings surprises in recent quarters.”
A number of other analysts have also recently commented on the stock. Brean Capital set a $48.00 target price on shares of Aerie Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, September 29th. HC Wainwright assumed coverage on shares of Aerie Pharmaceuticals in a research note on Tuesday, September 20th. They set a “buy” rating and a $66.00 target price for the company. RBC Capital Markets reissued an “outperform” rating and set a $55.00 target price (up previously from $51.00) on shares of Aerie Pharmaceuticals in a research note on Friday, September 16th. Canaccord Genuity set a $50.00 target price on shares of Aerie Pharmaceuticals and gave the stock a “buy” rating in a research note on Wednesday, September 14th. Finally, Stifel Nicolaus boosted their target price on shares of Aerie Pharmaceuticals from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, September 15th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $49.40.
Shares of Aerie Pharmaceuticals (NASDAQ:AERI) traded up 0.26% during mid-day trading on Tuesday, reaching $38.11. 488,790 shares of the company’s stock traded hands. The company’s 50-day moving average price is $26.22 and its 200-day moving average price is $18.80. Aerie Pharmaceuticals has a 12-month low of $10.82 and a 12-month high of $41.72. The stock’s market capitalization is $1.06 billion.
Aerie Pharmaceuticals (NASDAQ:AERI) last released its earnings results on Wednesday, August 3rd. The company reported ($0.72) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.02. Analysts anticipate that Aerie Pharmaceuticals will post ($2.80) earnings per share for the current year.
In other news, major shareholder Foresite Capital Fund Ii, L.P. purchased 250,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was acquired at an average price of $17.50 per share, with a total value of $4,375,000.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 8.77% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Jennison Associates LLC raised its position in shares of Aerie Pharmaceuticals by 0.6% in the second quarter. Jennison Associates LLC now owns 3,711,695 shares of the company’s stock valued at $65,326,000 after buying an additional 21,505 shares in the last quarter. Deerfield Management Co. raised its stake in Aerie Pharmaceuticals by 225.9% in the first quarter. Deerfield Management Co. now owns 2,632,482 shares of the company’s stock worth $32,011,000 after buying an additional 1,824,607 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in Aerie Pharmaceuticals by 3.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,100,000 shares of the company’s stock worth $36,960,000 after buying an additional 75,000 shares during the period. Vanguard Group Inc. raised its stake in Aerie Pharmaceuticals by 11.1% in the second quarter. Vanguard Group Inc. now owns 1,006,552 shares of the company’s stock worth $17,716,000 after buying an additional 100,645 shares during the period. Finally, BlackRock Fund Advisors raised its stake in Aerie Pharmaceuticals by 10.5% in the second quarter. BlackRock Fund Advisors now owns 971,896 shares of the company’s stock worth $17,105,000 after buying an additional 92,113 shares during the period. Hedge funds and other institutional investors own 95.22% of the company’s stock.
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 primary product candidates are Rhopressa and Roclatan.
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