Cantor Fitzgerald analyst Elemer Piros reiterated a Buy rating on Aldeyra Therapeutics (NASDAQ: ALDX) yesterday and set a price target of $30. The company’s shares closed yesterday at $12.55.
Piros said:
“: We reiterate our Overweight rating and 12-month price target of $30 on shares of ALDX, following the company’s recent financing and presentation at the Cantor Global Healthcare Conference. We had an opportunity to sit down with management and look ahead to the company’s plans over the next 12 months. We believe Aldeyra is well-positioned with its productive pipeline, following positive read-through from its recent Phase 2b study in dry eye. Over the next 12 months, we anticipate these clinical readouts with reproxalap, a potential partnership for the drug, and advancement of pipeline candidates such as ADX-1612 in mesothelioma, could offer potential inflection for the shares.”
According to TipRanks.com, Piros has currently no stars on a ranking scale of 0-5 stars, with an average return of -2.3% and a 45.7% 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 Strong Buy with an average price target of $33.67, which is a 168.3% upside from current levels. In a report issued on September 26, Stifel Nicolaus also maintained a Buy rating on the stock with a $36 price target.
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The company has a one-year high of $16.70 and a one-year low of $5.55. Currently, Aldeyra Therapeutics has an average volume of 602.6K.
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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.
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