UPDATE: Stifel Initiates Coverage on Aerie Pharmaceuticals on Potential of First-In-Class Products

In a report published Tuesday, Stifel analyst Annabel Samimy initiated coverage on Aerie Pharmaceuticals (NASDAQ: AERI) with a Buy rating and $18.00 price target.

In the report, Stifel noted, “We are initiating coverage of Aerie Pharmaceuticals, Inc. (AERI) with a Buy rating on the shares and an $18 target price. Aerie is seeking to bring to market the first innovative products to the glaucoma market in nearly two decades. Their pipeline consists of first-in-class products – AR-13324 and PG324 – for multiple segments of the glaucoma market, thus potentially serving the entire spectrum of disease. Both products are based on a multi-faceted approach of Rho Kinase/norepinephrine (ROCK/NET) mechanism, two important pathways for IOP lowering, with a highly attractive once-daily profile to ensure compliance. If successful, we believe Aerie's products will become the top choice among ophthalmologists for glaucoma disease.”

Aerie Pharmaceuticals closed on Monday at $10.61.