Aerie Pharmaceuticals Inc. (NASDAQ:AERI) shares dropped 3.8% on Wednesday . The company traded as low as $17.02 and last traded at $17.02, with a volume of 344,944 shares changing hands. The stock had previously closed at $17.69.

AERI has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Aerie Pharmaceuticals from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, April 28th. Brean Capital reiterated a “buy” rating on shares of Aerie Pharmaceuticals in a research note on Monday, May 16th. Cantor Fitzgerald began coverage on shares of Aerie Pharmaceuticals in a research note on Thursday, June 2nd. They issued a “buy” rating and a $44.00 price objective for the company. Finally, Canaccord Genuity restated a “buy” rating on shares of Aerie Pharmaceuticals in a research report on Tuesday, May 3rd. Eight research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus price target of $42.50.

The company’s market capitalization is $452.30 million. The stock has a 50 day moving average price of $17.91 and a 200-day moving average price of $16.33.

Aerie Pharmaceuticals (NASDAQ:AERI) last announced its quarterly earnings data on Monday, May 2nd. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by $0.08. On average, analysts predict that Aerie Pharmaceuticals Inc. will post ($2.69) earnings per share for the current fiscal year.

Other large investors recently made changes to their positions in the company. Nationwide Fund Advisors raised its stake in shares of Aerie Pharmaceuticals by 56.6% in the fourth quarter. Nationwide Fund Advisors now owns 56,078 shares of the company’s stock worth $1,365,000 after buying an additional 20,265 shares during the last quarter. Oxford Asset Management bought a new stake in shares of Aerie Pharmaceuticals during the fourth quarter worth $1,840,000. Finally, Schroder Investment Management Group raised its stake in shares of Aerie Pharmaceuticals by 12.3% in the fourth quarter. Schroder Investment Management Group now owns 471,000 shares of the company’s stock worth $11,469,000 after buying an additional 51,500 shares during the last quarter.

Aerie Pharmaceuticals, Inc is a clinical-stage pharmaceutical company. The Company is engaged in the discovery, development and commercialization of therapies for the treatment of patients with glaucoma and other diseases of the eye. The Company’s primary product candidates are Rhopressa and Roclatan.

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