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Shares of Aerie Pharmaceuticals Inc (NASDAQ: AERI) fell 75 percent in after-hours trading following an announcement of a failed Phase 3 drug trial for Rhopressa.
Rhopressa is a “once-daily, triple-action eye drop being tested for its ability to lower intraocular pressure (IOP) in patients with glaucoma or ocular hypertension,” according to the company.
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According to a press release, the trial “did not meet its primary efficacy endpoint of demonstrating non-inferiority of IOP lowering for once-daily RhopressaTM compared to twice-daily timolol, the most widely used comparator in registration trials for glaucoma.”
“We expected RhopressaTM to demonstrate better performance based on the results we saw in the previous Phase 2b studies. However, if we had set the high end of the baseline range just one mmHg less, we would have demonstrated non-inferiority compared to timolol at all nine measured time points and numerical superiority at the majority of time points,” said Vicente Anido, Jr., Ph.D., Chairman and Chief Executive Officer of Aerie.
Anido believed “RhopressaTM shows great promise at IOPs where the majority of patients are represented. Also, we believe the meaningful decrease in the number of patients that experienced efficacy loss at the lower baseline IOPs supports the potential benefit of the RhopressaTM on episcleral venous pressure.”
Aerie Pharmaceuticals recently traded at $10.40, down 70.6 percent in the after-hours session.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.