Aerie Pharma (AERI) PT Raised to $52 at Needham & Company as Roclatan Knocks It Out of the Park

September 15, 2016 6:35 AM EDT
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Price: $35.81 -0.28%

Rating Summary:
    9 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Needham & Company analyst Serge Belanger reiterated a Buy rating and boosted his price target on Aerie Pharma (NASDAQ: AERI) to $52.00 (from $45.00) after the company reported positive results from MERCURY-1, the first of two ph 3 trials evaluating Roclatan (fixed-dose combo of Rhopressa and latanoprost) for the treatment of glaucoma.

Roclatan met all of its endpoints, demonstrating statistically significant superiority over each of its components at all 9 time points and IOP-lowering effect 1 - 3 mmHg greater than monotherapy with either of its components. The safety profile of Roclatan was similar to the ph 2 study, with mild hyperemia as the main adverse event.

"These data position Roclatan as one of the most effective IOP-lowering glaucoma treatments. Results from the 2nd ph 3 trial (MERCURY-2) are expected in 2Q17," Belanger said. "We maintain our Buy rating and adjust our PT to $52 (from $45) to reflect the highly positive results and overall de-risking of the program."

For an analyst ratings summary and ratings history on Aerie Pharma click here. For more ratings news on Aerie Pharma click here.

Shares of Aerie Pharma closed at $21.13 yesterday.

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