Aerie Pharma (AERI) PT Raised to $50 at Cantor Fitzgerald
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Cantor Fitzgerald analyst Elemer Piros reiterated a Buy rating and raised his price target on Aerie Pharma (NASDAQ: AERI) to 50.00 (from $44.00) after the company reported "impeccable" Phase 3 results with its combination eye drop Roclatan from a 700-patient+ trial.
Piros commented, "When comparing the Phase 3 results with an earlier, smaller trial, the combination drug worked even better than its ingredients. Intraocular pressure (IOP) was reduced, on average to 15-16mmHg at all nine time points measured over a 90-day period. The lowering was 1-3mmHg higher than observed with the components, latanoprost and Rhopressa. The difference, as disclosed in a slide deck presented, but not in the press release, was statistically significant with a p value of <0.0001 - very robust. The responder analysis revealed that nearly half of Roclatan-treated patients (46%) experienced a very significant >=35% reduction in IOP. Furthermore, one-third achieved IOP levels at or below 14mmHg, while nearly two-thirds (61%) had pressure that was at or below 16mmHg at day 90."
Shares of Aerie Pharma closed at $21.13 yesterday.
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