H.C. Wainwright Starts Aerie Pharma (AERI) at Buy
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H.C. Wainwright initiated coverage on Aerie Pharma (NASDAQ: AERI) with a Buy rating and a price target of $66. Analyst Corey Davis is bullish following Phase 3 results from Roclatan's MERCURY 1 study.
"We have long been believers in the Specialty Pharma business model ofselling drugs on their own given the leverage to earnings that comeswith fast growing revenue, a small and largely fixed cost base, longproduct cycles, and a small share base. Aerie has all of that, has now been majorly de-risked, and all of that comes in the context ofan attractive valuation. Now that the Phase 3 results from Roclatan'sMERCURY 1 study in glaucoma are as positive as we could have hoped, we can see the stock well on its way to our target as the market continues to better appreciate the drug's potential. The primary debate inthe investment community will continue to be how large these drugsc an be given the largely genericized market," said Davis.
Shares of Aerie Pharma closed at $34.12 yesterday.
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