You see right. Aldeyra Therapeutics Inc (NASDAQ:ALDX) shares jumped over 130% this week. The reason? The drug maker reported that its experimental eye med ADX-102 met the primary endpoints in a Phase 2a dry eye study, with highly statistically significant results across five separate measures.

In reaction, Cowen analyst Ritu Baral boosts her price target on ALDX from $9.00 to $14.00, while reiterating an Outperform rating on the stock. The new price target represents a potential upside of 35% from current levels.

Baral commented, “There were no safety concerns observed for any of the tested formulations, and no SAEs were reported. Tolerability appears to be consistent with that of SOC, and ALDX indicated the initial stinging patients may experience when applying the treatment disappears after a few minutes. The 0.1% dose chosen had the optimal tolerability profile (likely driven by stinging and dose/formulation related discomfort), especially when balanced by the shallow dose response.”

“While we look forward to learning more data details at the R&D date (Oct 10, NYC), we are encouraged by the early signs of efficacy presented, and see the 0.1% dose as a reasonable choice to move forward with (note that stat sig improvement in even one symptom and only one sign relative to control would constitute sufficient base for approval),” the analyst continued.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, 5-star analyst Ritu Baral has a yearly average return of 21.2% and a 54% success rate. Baral is ranked #70 out of 4642 analysts.

As of this writing, all the 4 analysts polled in the past 12 months rate Aldeyra stock a Buy. With a return potential of 80%, the stock’s consensus target price stands at $17.50.