UPDATE: Stifel Reiterates on Aerie Pharmaceuticals as Timelines Are on Track
In a report published Wednesday, Stifel analyst Annabel Samimy reiterated a Buy rating on Aerie Pharmaceuticals (NASDAQ: AERI), and raised the price target from to $22.00 to $24.00.
In the report, Stifel noted, “AERI reported 4Q13 revenue loss of $10.3mn translating to $0.62 loss-per-share with initial AR-13324/Rhopressa launch expected by 2017. Importantly, PG324/Roclatan's Phase 2b trial results are expected by early 3Q14. Additionally, AERI plans to initiate their Phase 3 for Rhopressa in 3Q14 (results mid-2015). Given recent episcleral venous pressure findings, Rhopressa's role in lowering pressure in normotensive patients (IOPs #26 mmHg, representing ~80% of patients, and IOPs #21 mmHg representing ~60%), AERI can now better position Rhopressa as front-line agent, with added cosmetic advantages over PGAs.
"As of February 28th, AERI has $67.6mn in cash, expected to last through Rhopressa's NDA filing and Roclatan's Phase 3 preparation. Overall, AERI continues to perform ahead of expectations and we raise our TP to $24 on stronger Rhopressa positioning.”
Aerie Pharmaceuticals closed on Tuesday at $21.89.
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