Aerie Pharma (AERI) Price Target Lowered to $27 at RBC

RBC Capital earlier maintained an Outperform rating on Aerie Pharma (NASDAQ: AERI) and lowered its price target to $27.00 (from $50.00). Shares of Aerie Pharma dropped Thursday after it was learned that its first Phase 3 trial for Rhopressa didn't meet its primary endpoint.

"The first Phase III trial did not meet the primary endpoint or adequately answer durability questions, and likely delays timelines. However, there is still a path forward if Rocket 2 works, FDA grants analysis changes, subset outcomes replicated as primary endpoints are deemed sufficient, and since in a group of patients Rhopressa beats timolol, and then there is also Roclatan, upside optionality exists," said analyst Adnan Butt.

"There could be sufficient differences between the two that a failure is not a foregone conclusion, including number of patients who are baseline 26-<27 mmHg, the BID Rhopressa dose, FDA’s allowance of a change in baseline IOP to <26 or <24 mmHg, and the numbers of drifter or non-responders. Alternatively, Rocket 2 could also work as it is," added the analyst.

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 $35.39 yesterday.

You May Also Be Interested In

• Goldman Sachs Upgrades Plains GP Holdings, L.P (PAGP) to Neutral
• UBS Downgrades Bharat Heavy Electricals Ltd (BHEL:IN) to Neutral
• Nomura/Instinet Downgrades ORIX Corp (8591:JP) (IX) to Neutral