Pharmaceutical company, Aerie Pharmaceuticals Inc. (NASDAQ: AERI) continues to rally after many Wall Street investment research firms upgraded the company to a “buy” rating.
Aerie has disclosed effective phase 3 trial results for its glaucoma drug, Roclatan. Roclatan is capable of reducing intraocular pressure (IOP) in patients who has glaucoma or ocular hypertension. Analyst had expected a $2.5 billion market for glaucoma treatment.
Aerie is a clinical-stage pharmaceutical company mainly focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with diseases of the eye. The Company’s primary product candidates are Rhopressa and Roclatan. Rhopressa is Aerie’s first-generation IOP drug.
The company is seeing to file for Food and Drug Administration approval next year if result for a second phase 3 trail is similar. The company also The company also expects to receive a go/no-go decision from the FDA on its once-daily Rhopressa in 2017. If approved, Rhopressa could be used as an adjunct therapy to PGA's like latanoprost instead of beta blockers.
The Wall Street show bullish on the stock. Equities researchers at HC Wainwright initiated coverage with a “buy” on the stock and set the price target at $66 today. On Friday, RBC Capital Markets reiterated their outperform rating on the company and has a $55.00 price target, up from previous price target of $51.00.