NEW YORK (TheStreet) -- Shares of Aerie Pharmaceuticals (AERI) are rallying 9.89% to $22.01 in Friday's early morning trading session after analysts at Canaccord Genuity upgraded the company to "buy" from "hold" and raised its price target to $40 from $12.
The clinical-stage pharmaceutical company focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of glaucoma and other eye diseases.
This action comes after the drug developer announced early this week that the Food and Drug Administration said that the biopharmaceutical company could change the primary endpoint range for the third phase of its registration trial for Rhopressa.
Rhopressa is a once-daily eye drop that reduces intraocular pressure (IOP) in patients with glaucoma or ocular hypertension, according to the company.
The trial for the eye disease treatment now has a primary endpoint range to include patients with baseline intraocular pressures ranging between 20 mmHg and 25 mmHg. The previous range for the trial was between 20 mmHg and 27 mmHg.
"We are now much more comfortable about the approvability of Rhopressa and thus have added it back to our model," analysts said.
AERI data by YCharts