Aerie Pharma (AERI) Surges Over 60% on Successful Roclatan Trial; Wall Street Analyst Nails Call

September 14, 2016 5:26 PM EDT

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Aerie Pharma (NASDAQ: AERI) is surging 65% in after-hours trade Wednesday after the company reported the successful 90-day primary efficacy results of its 12-month Phase 3 “Mercury 1” clinical trial for its fixed-dose combination product candidate, Roclatan. The study achieved its primary efficacy endpoint demonstrating statistical superiority over each of its components, including Aerie product candidate Rhopressa (netarsudil ophthalmic solution) 0.02%, and market leading prostaglandin analogue (PGA) latanoprost, all of which were dosed once daily in the evening.

Notably, Raymond James analyst Elliot Wilbur initiated coverage on the stock earlier (After the close Tuesday) with a 'Strong Buy' rating and $48 price target. Shares were up 7.5% intra-day Wednesday.

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