Analysts at Needham & Company LLC initiated coverage on shares of Aerie Pharmaceuticals (NASDAQ:AERI) in a report released on Monday, TipRanks reports. The brokerage set a "buy" rating and a $38.00 price target on the stock. Needham & Company LLC's target price suggests a potential upside of 172.01% from the company's previous close.
A number of other research firms have also recently commented on AERI. Oppenheimer initiated coverage on Aerie Pharmaceuticals in a research note on Friday, May 29th. They set a "buy" rating and a $24.00 target price on the stock. Bank of America reissued a "hold" rating and issued a $17.00 price objective on shares of Aerie Pharmaceuticals in a research note on Monday, March 23rd. SunTrust Banks dropped their price objective on Aerie Pharmaceuticals from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. BidaskClub cut Aerie Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Tuesday. Finally, HC Wainwright dropped their price objective on Aerie Pharmaceuticals from $37.00 to $31.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Aerie Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $33.07.
AERI opened at $13.97 on Monday. The stock has a market cap of $649.19 million, a price-to-earnings ratio of -3.17 and a beta of 1.06. The stock's 50 day moving average price is $14.98 and its 200-day moving average price is $17.42. Aerie Pharmaceuticals has a one year low of $10.80 and a one year high of $26.34. The company has a debt-to-equity ratio of 1.61, a quick ratio of 4.02 and a current ratio of 4.28.
Aerie Pharmaceuticals (NASDAQ:AERI) last released its earnings results on Wednesday, May 6th. The company reported ($0.83) EPS for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.08). The business had revenue of $20.34 million for the quarter, compared to the consensus estimate of $21.04 million. Aerie Pharmaceuticals had a negative net margin of 252.92% and a negative return on equity of 95.74%. As a group, analysts predict that Aerie Pharmaceuticals will post -3.44 earnings per share for the current fiscal year.
In other news, Director Gerald D. Cagle sold 5,000 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $15.27, for a total transaction of $76,350.00. Following the completion of the sale, the director now owns 16,550 shares in the company, valued at approximately $252,718.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.72% of the company's stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. lifted its holdings in shares of Aerie Pharmaceuticals by 0.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 166,527 shares of the company's stock valued at $4,025,000 after purchasing an additional 632 shares during the last quarter. Endurance Wealth Management Inc. raised its stake in Aerie Pharmaceuticals by 32.6% in the 1st quarter. Endurance Wealth Management Inc. now owns 3,050 shares of the company's stock worth $41,000 after acquiring an additional 750 shares during the last quarter. Bank of Montreal Can raised its stake in Aerie Pharmaceuticals by 16.1% in the 4th quarter. Bank of Montreal Can now owns 5,655 shares of the company's stock worth $137,000 after acquiring an additional 786 shares during the last quarter. First Mercantile Trust Co. raised its stake in Aerie Pharmaceuticals by 17.7% in the 1st quarter. First Mercantile Trust Co. now owns 8,124 shares of the company's stock worth $110,000 after acquiring an additional 1,222 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Aerie Pharmaceuticals by 17.7% in the 4th quarter. Victory Capital Management Inc. now owns 8,370 shares of the company's stock worth $202,000 after acquiring an additional 1,259 shares during the last quarter.
Aerie Pharmaceuticals Company Profile
Aerie Pharmaceuticals, Inc, an ophthalmic pharmaceutical company, focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of glaucoma, retinal diseases, and other eye diseases. Its lead product is Rhopressa, a once-daily eye drop to reduce elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension.
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6 Stocks That Will Benefit From a Dovish Federal Reserve
The quaint correction that was labeled the “tech wreck” of 2018 seems like a distant memory to investors. What also seems like a distant memory is any thought of the Federal Reserve raising interest rates.
At the end of 2018, the Federal Reserve had raised its benchmark federal funds rate. With the trade dispute with China dragging on, there was increasing pressure on the Fed to lower interest rates. When interest rates are lower, stocks will generally rise as investors have no other option for growth.
In July 2019, the doves got their wish. But in a move that now seems to be a “what did they know move”, the Fed dropped rates again in October. The market soared to record highs in January and early February. Since mid-February however, the market has fallen dramatically, and the Fed juiced the market one more time by cutting rates down to levels not seen since the financial crisis.
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View the "6 Stocks That Will Benefit From a Dovish Federal Reserve".