Aerie Pharmaceuticals (NASDAQ:AERI) Trading Up 8.2% Following Insider Buying Activity
Aerie Pharmaceuticals Inc (NASDAQ:AERI)’s share price was up 8.2% during trading on Wednesday following insider buying activity. The stock traded as high as $24.38 and last traded at $24.35, approximately 710,731 shares traded hands during mid-day trading. An increase of 0% from the average daily volume of 709,417 shares. The stock had previously closed at $22.50.
Specifically, major shareholder Foresite Capital Management Ii bought 189,555 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $24.43 per share, with a total value of $4,630,828.65. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought 393,402 shares of company stock valued at $9,516,618 over the last ninety days. Corporate insiders own 8.71% of the company’s stock.
AERI has been the subject of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $62.00 price objective (down from $85.00) on shares of Aerie Pharmaceuticals in a report on Thursday, August 8th. ValuEngine upgraded Aerie Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub upgraded Aerie Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 13th. JMP Securities cut their price objective on Aerie Pharmaceuticals from $58.00 to $52.00 and set a “market outperform” rating for the company in a research report on Thursday, August 8th. Finally, Zacks Investment Research upgraded Aerie Pharmaceuticals from a “sell” rating to a “hold” rating and set a $31.00 price objective for the company in a research report on Friday, June 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $61.00.
Aerie Pharmaceuticals (NASDAQ:AERI) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.87) by $0.07. Aerie Pharmaceuticals had a negative net margin of 478.81% and a negative return on equity of 89.52%. The company had revenue of $15.84 million during the quarter, compared to analysts’ expectations of $14.60 million. On average, research analysts predict that Aerie Pharmaceuticals Inc will post -3.48 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the business. Quantamental Technologies LLC bought a new stake in shares of Aerie Pharmaceuticals in the first quarter valued at about $41,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Aerie Pharmaceuticals in the first quarter valued at about $47,000. Meeder Asset Management Inc. lifted its stake in shares of Aerie Pharmaceuticals by 134.0% in the first quarter. Meeder Asset Management Inc. now owns 1,060 shares of the company’s stock valued at $50,000 after buying an additional 607 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Aerie Pharmaceuticals by 2,330.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,458 shares of the company’s stock valued at $43,000 after buying an additional 1,398 shares during the period. Finally, NumerixS Investment Technologies Inc bought a new stake in shares of Aerie Pharmaceuticals in the second quarter valued at about $115,000.
Aerie Pharmaceuticals Company Profile (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, 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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