Aerie Pharma (AERI) PT Lifted to $50 at Stifel on Strong Roclatan Results
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Stifel analyst Annabel Samimy reiterated a Buy rating and boosted his price target on Aerie Pharma (NASDAQ: AERI) to $50.00 (from $40.00) after the company reported unequivocally positive results from its Phase 3 Roclatan MERCURY-1 study. This 90-day primary efficacy readout demonstrated statistically significant IOP-lowering of Roclatan over its Rhopressa and latanoprost components at clinically-meaningful levels of 1-3mmHg at all nine time points with no significant safety deviations from prior studies. Specifically, Roclatan was superior to latanoprost by 1.3-2.5mmHg (p<0.0001) and to Rhopressa by 1.8-3.0mmHg (p<0.0001).
Samimy commented, "mportantly, in a responder analysis, 46% of Roclatan patients achieved >35% reductions in IOP (p<0.0001) and 61% achieving <16mmHg at Day 90—key targets for ophthalmologists. We believe this clean readout of data goes far to de-risk the Roclatan/MERCURY program and we have confidence for consistent readouts at 12-months and for MERCURY-2. AERI looks to a year-end 2017 NDA filing for Roclatan."
Shares of Aerie Pharma closed at $21.13 yesterday.
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