Aerie Pharmaceuticals Inc (NASDAQ:AERI) announced the pricing of a registered underwritten public offering of $75 million of shares of its common stock at a price to the public of $29.50 per share, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering was upsized by $25 million over the offering amount anticipated to be sold as previously announced. This is in addition to $50 million raised separately through the completion and full utilization of an at-the-market (ATM) program with Cantor Fitzgerald & Co. filed prior to market open on September 15, 2016. Total gross proceeds raised through these offerings were $125 million. The shares sold through the $50 million ATM program will be issued on or about September 20, 2016, and the $75 million public offering is expected to close on or about September 21, 2016, subject to the satisfaction of customary closing conditions.
Cantor Fitzgerald & Co. is acting as sole bookrunner for the $75 million public offering and sole manager for the $50 million ATM program.
Aerie intends to use the net proceeds of the offerings for general corporate purposes, including the complete funding of RhopressaTM commercialization costs, execution of clinical trials in Japan, commencement of construction of a manufacturing plant in Ireland and continuation of preclinical activity in support of its product pipeline, along with ongoing working capital requirements. (Original Source)
Shares of Aerie Pharmaceuticals closed yesterday at $30.61, up $9.48 or 44.87%. AERI has a 1-year high of $34.69 and a 1-year low of $10.82. The stock’s 50-day moving average is $19.02 and its 200-day moving average is $16.58.
On the ratings front, AERI stock has been the subject of a number of recent research reports. In a report released yesterday, Cantor analyst Elemer Piros reiterated a Buy rating on AERI, with a price target of $50, which represents a potential upside of 63% from where the stock is currently trading. Separately, on the same day, Brean Capital’s Difei Yang reiterated a Buy rating on the stock and has a price target of $48.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Elemer Piros and Difei Yang have a total average return of -11.6% and -8.4% respectively. Piros has a success rate of 48% and is ranked #3895 out of 4158 analysts, while Yang has a success rate of 36% and is ranked #3979.
Aerie Pharmaceuticals, Inc. is a clinical stage pharmaceutical company, which is focused on the discovery, development and commercialization of therapies for the treatment of patients with glaucoma and other diseases of the eye. It product candidates are Rhopressa and Roclatan.