In a report released today, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Aldeyra Therapeutics (NASDAQ: ALDX), with a price target of $30. The company’s shares closed yesterday at $9.90, close to its 52-week high of $10.64.
Piros commented:
“: We are reiterating our OW rating and raising our 12-month PT to $30/share from $23/share, following positive and much awaited Phase 2b dry eye data with reproxalap. From the data, statistically robust improvements (p<0.05) in Four-Symptom Ocular Dryness Score and Overall Ocular Discomfort Symptom Score were observed with reproxalap treatment at the high dose of 0.25% concentration compared to vehicle control. In addition, improvements to ocular florescein staining score were also observed relative to vehicle (p<0.05 at week 8 and p<0.10 at week 12). We are thoroughly impressed by the Phase 2b results, which demonstrated statistical significant improvements on signs and symptoms of dry eye."
According to TipRanks.com, Piros is ranked 0 out of 5 stars with an average return of -2.9% and a 49.1% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Aldeyra Therapeutics with a $28.50 average price target, which is a 187.9% upside from current levels. In a report issued on September 13, Janney Montgomery also initiated coverage with a Buy rating on the stock.
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Based on Aldeyra Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $9.05 million. In comparison, last year the company had a GAAP net loss of $5.31 million.
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Aldeyra Therapeutics, Inc. operates as a biotechnology company. It primarily focuses on the development of new products for immune-mediated, inflammatory, orphan and other diseases that are thought to be caused in part by naturally occurring toxic chemical species known as free aldehydes.
