Aerie Pharma (AERI) PT Raised to $52 at Needham & Company as Roclatan Knocks It Out of the Park
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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."
Shares of Aerie Pharma closed at $21.13 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Ahead of 1Q Release
- Netflix (NFLX) PT Raised to $140 at Guggenheim
- BMO Capital Raises Price Target on ManpowerGroup (MAN) Following 3Q Surprise
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!