Needham & Company Upgrades Aerie Pharma (AERI) to Buy

Needham & Company upgraded Aerie Pharma (NASDAQ: AERI) from Hold to Buy with a price target of $27.00.

Analyst Serge Belanger commented, "AERI announced that the FDA has agreed to a change in primary endpoint for ROCKET-2, the second ph 3 pivotal trial for Rhopressa as a treatment for glaucoma. The agreement allows AERI to change the primary endpoint range to include patients with baseline intraocular pressures (IOPs) ranging from 20 to 25 mmHg (from 20 to 27 mmHg). Recall ROCKET-1 missed its primary endpoint of non-inferiority to timolol at 20 - 27 mmHg but was non-inferior, and even superior at most endpoints, at the 20 - 25 mmHg IOP range. ROCKET-2 results are expected by the end of 3Q15. AERI also expects to begin ROCKET-4, an additional phase 3 trial of Rhopressa, in 3Q15. We believe this FDA agreement re-establishes a clinical path forward for Rhopressa as a treatment for a large subset (70-80%) of glaucoma patients. We upgrade to Buy with a $27PT."

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 $13.27 yesterday.

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