Aerie Pharmaceuticals (AERI) Trading Down 6.5% Following Weak Earnings

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Aerie Pharmaceuticals Inc (NASDAQ:AERI) fell 6.5% during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $47.69 and last traded at $51.03. 2,883,168 shares were traded during mid-day trading, an increase of 609% from the average session volume of 406,655 shares. The stock had previously closed at $54.55.

The company reported ($1.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.33) by ($0.40). The firm had revenue of $7.30 million during the quarter, compared to analysts’ expectations of $5.63 million.

A number of brokerages have recently weighed in on AERI. Cowen set a $105.00 price objective on Aerie Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday. Mizuho restated a “buy” rating and set a $77.00 price objective on shares of Aerie Pharmaceuticals in a research report on Wednesday. BidaskClub upgraded Aerie Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Monday, October 15th. Zacks Investment Research upgraded Aerie Pharmaceuticals from a “sell” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 10th. Finally, JMP Securities set a $80.00 price objective on Aerie Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday, October 10th. One analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $82.30.

In related news, COO Thomas A. Mitro sold 190,000 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $60.27, for a total value of $11,451,300.00. Following the completion of the transaction, the chief operating officer now owns 234,147 shares of the company’s stock, valued at approximately $14,112,039.69. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Casey C. Kopczynski sold 11,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $53.87, for a total transaction of $592,570.00. Following the completion of the transaction, the insider now directly owns 139,768 shares of the company’s stock, valued at approximately $7,529,302.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 324,117 shares of company stock valued at $19,459,226. 10.53% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the stock. United Services Automobile Association lifted its holdings in shares of Aerie Pharmaceuticals by 14.8% in the 2nd quarter. United Services Automobile Association now owns 6,620 shares of the company’s stock valued at $447,000 after acquiring an additional 854 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Aerie Pharmaceuticals by 8.2% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 11,576 shares of the company’s stock valued at $782,000 after acquiring an additional 877 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Aerie Pharmaceuticals by 20.0% in the 2nd quarter. Amalgamated Bank now owns 5,441 shares of the company’s stock valued at $368,000 after acquiring an additional 906 shares during the last quarter. Xact Kapitalforvaltning AB lifted its holdings in shares of Aerie Pharmaceuticals by 21.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 5,751 shares of the company’s stock valued at $388,000 after acquiring an additional 1,000 shares during the last quarter. Finally, MetLife Investment Advisors LLC lifted its holdings in shares of Aerie Pharmaceuticals by 7.0% in the 2nd quarter. MetLife Investment Advisors LLC now owns 16,392 shares of the company’s stock valued at $1,107,000 after acquiring an additional 1,066 shares during the last quarter. 96.43% of the stock is owned by hedge funds and other institutional investors.

The company has a current ratio of 10.27, a quick ratio of 10.07 and a debt-to-equity ratio of 0.64. The firm has a market cap of $2.43 billion, a P/E ratio of -15.14 and a beta of 0.99.

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About Aerie Pharmaceuticals (NASDAQ:AERI)

Aerie Pharmaceuticals, Inc, an ophthalmic pharmaceutical company, focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of glaucoma 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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