Aerie Pharmaceuticals Inc (NASDAQ:AERI) announced that it has entered into a lease agreement with the Industrial Development Agency (IDA) of Ireland for a new manufacturing plant in Athlone, Ireland. This will be Aerie’s first manufacturing plant, expected to produce commercial supplies of Aerie’s current product candidates, Rhopressa and Roclatan.
The Athlone building shell, which was recently constructed by the IDA, includes approximately 30,000 square feet of interior floor space. The IDA has provided employment and capital investment incentives to Aerie as part of the overall arrangement. Aerie has commenced equipment ordering and will begin internal construction immediately. Estimated project-wide construction and equipment costs are expected to total approximately $25 million (excluding ongoing labor-related and lease expenses), of which approximately $16 million is expected to be spent in 2017. If approved, commercial product supply of Rhopressa from the plant is expected to be available by 2020.
“We have now achieved another milestone in executing our stated long-term strategy. As we prepare for commercialization, it is increasingly important that we ensure greater independence regarding our finished product sourcing while also meaningfully reducing our future product costs. We are grateful to our IDA colleagues in Ireland for their cooperation throughout this process and the incentives that we have been granted,” said Vicente Anido, Jr., Ph.D., Chief Executive Officer and Chairman at Aerie. (Original Source)
Shares of Aerie Pharmaceuticals Inc closed last Friday at $39.05, down $0.70 or -1.76%. AERI has a 1-year high of $43.40 and a 1-year low of $10.82. The stock’s 50-day moving average is $38.77 and its 200-day moving average is $29.61.
On the ratings front, Aerie Pharmaceuticals Inc has been the subject of a number of recent research reports. In a report issued on December 27, Needham analyst Serge Belanger reiterated a Buy rating on AERI, with a price target of $52, which implies an upside of 33% from current levels. Separately, on December 23, Canaccord Genuity’s Dewey Steadman reiterated a Buy rating on the stock and has a price target of $50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Serge Belanger and Dewey Steadman have a yearly average return of 4.9% and a loss of -14.5% respectively. Belanger has a success rate of 45% and is ranked #1478 out of 4350 analysts, while Steadman has a success rate of 17% and is ranked #3819.
Sentiment on the street is mostly bullish on AERI stock. Out of 5 analysts who cover the stock, 5 suggest a Buy rating .
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.