Aegis Capital Notes 'Uneventful' Q3 for Aerie Pharma (AERI); Rhopressa NDA Now Expected in Jan. '17
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Aegis Capital reaffirms Aerie Pharmaceuticals (Nasdaq: AERI) at Buy with a price target of $63 following Q3 results and update issued Wednesday night.
Analyst Difei Yang noted the following on Thursday:
- Uneventful Q3. Q3 EPS loss came in at $(0.67) with operating expenses within company's guidance range of $75-85 million for full year 2016. We believe the quarterly financial performance has little impacts to share price especially given the strong balance sheet the company has. Instead, clinical development successes and regulatory approvals are more important catalysts for the company.
- Rhopressa NDA filing is now January 2017. Because of an issue that is related to the third party manufacturing site, while not specifically related to Rhopressa manufacturing, the contract manufacturer informed Aerie that it is not ready for FDA's inspection associated with the Rhopressa NDA filing. As a result, Aerie withdrew its NDA filing and plans to refile when the manufacturer is ready in January 2017.
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