Cantor Fitzgerald analyst Elemer Piros reiterated a Buy rating on Aldeyra Therapeutics (NASDAQ: ALDX) today and set a price target of $23. The company’s shares opened today at $8.35.
Piros wrote:
“: We are reiterating our Overweight rating and 12-month price target of $23/share, following Aldeyra Therapeutics’ Research day hosted June 26, 2018. The research day highlighted several additional compounds under investigation that deepen the company’s leadership in targeting of RASP (reactive aldehyde species that are pro-inflammatory) pathway, reproxalap, and broadening development efforts inhibiting heat shock protein 90 (HSP90). Over the next 12-18 months, we anticipate significant catalysts with reproxalap from an upcoming Phase 2b dry eye disease and three Phase 3 studies. We believe the earlier pipeline could generate additional data catalysts for the shares, following these reproxalap readouts.”
According to TipRanks.com, Piros has currently no stars on a ranking scale of 0-5 stars, with an average return of -2.5% and a 49.4% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Currently, the analyst consensus on Aldeyra Therapeutics is a Moderate Buy with an average price target of $25.
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The company has a one-year high of $11.90 and a one-year low of $3.90. Currently, Aldeyra Therapeutics has an average volume of 117K.
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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.
