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Fly News Breaks for July 5, 2019
AERI
Jul 5, 2019 | 05:30 EDT
Piper Jaffray analyst Joseph Catanzaro lowered his Q2 estimates for Aerie Pharmaceuticals with a "near complete picture" of Rhopressa and Rocklatan scripts in the quarter. The analyst now models total glaucoma revenue of $15.4M versus the consensus estimate of $18.5M. Street numbers likely need to come down further and Aerie's fiscal 2019 guidance of $110M-$120M will need to be revised, Catanzaro tells investors in a research note. The analyst, who remains "hopeful for an inflection" in the second half of 2019, expects to reassess his numbers post Aerie's Q2 results. Despite the trajectory of script growth, however, doctor checks continue to elicit positive feedback on both Rhopressa and Rocklatan, says Catanzaro. As such, he keeps an Overweight rating on Aerie Pharmaceuticals with a $76 price target. Nonetheless, the analyst believes the company's 2019 guidance is "likely at risk."
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