Aerie Pharma (AERI) PT Raised to $45 at Needham & Company
Needham & Company analyst Serge Belanger reiterated a Buy rating and boosted his price target on Aerie Pharma (NASDAQ: AERI) to $45.00 (from $27.00) after the company reported top-line results from ROCKET-2, where Rhopressa met the primary endpoint by demonstrating non-inferiority in IOP-lowering vs. timolol.
Belanger commented, "Recall, FDA had previously agreed to modify the ROCKET-2 primary endpoint to include patients with baseline IOPs in the range of 20 - 25 mmHg (from 20 - 27 mmHg). Based on prior FDA discussions, AERI believes it can proceed with a NDA filing (targeted for mid-2016). ROCKET-4, initiating in 3Q15, should serve as an insurance policy in the event that additional data are required for approval. Based on ROCKET-1 and -2 results, Rhopressa, with its novel triple mechanism of action, looks well positioned to become the first new glaucoma treatment in over 20 years."
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Shares of Aerie Pharma closed at $18.00 yesterday.