Diamonds and Dogs
Aerie Pharmaceuticals (AERI)
Aerie Pharmaceutical had a big day today as it was up around 50%. This was good news for Aerie investors after the stock had plummeted 64% in one day back in April on previous trial results. Today, the company announced that the FDA is allowing the company to change the primary endpoint range for the third phase of its registration trial for Rhopressa, a once-daily eye drop that lowers intraocular pressure. On this news, AERI shot up to about $20, and received an upgrade from Needham to a buy rating. These new trial results may signal a turnaround for the biopharmaceutical company.
Avalanche Biotechnologies (AAVL)
On the opposite side of the healthcare sector, Avalanche Biotechnologies plummeted 56% to $17.24, a new 52-week low. The company released the most recent results from the Phase II trial of its gene therapy treatment for macular degeneration. The study did not show any significant differences between the active and control groups. Avalanche also saw multiple downgrades and price target revisions, making investors worry about the future of the company.