Aerie Pharma (AERI) PT Lowered to $24 at Needham & Company

Needham & Company analyst Serge Belanger lowered the price target on Aerie Pharma (NASDAQ: AERI) to $24.00 (from $26.00) while maintaining a Buy rating.

The analyst commented, "AERI reported solid 2Q21 earnings with glaucoma sales of $27.2MM (+18%Q/Q and +51%Y/Y) that outpaced Street expectations of $26.3MM. The net rev/bottle remained at $89 in 2Q21, and is not expected to increase until 4Q21 but should continue improving in the future. The Covid recovery is expected to be a growth driver in 2H21 as physician offices have reopened and are seeing more patients. While the glaucoma franchise will remain AERI's focus and key value driver for the foreseeable future, the pipeline, most notably the dry eye program (AR-15512) could generate additional share value when its ph 2b trial (COMET-1) reads out in late-3Q21. A European licensing agreement (with significant upfront payment) is also expected before YE21. We maintain our Buy rating and adjust our PT to $24 (from $26) to reflect minor model adjustments."

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