In a report released today, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Aldeyra Therapeutics (NASDAQ: ALDX), with a price target of $23. The company’s shares closed yesterday at $7.15.
Piros noted:
“: We are reiterating our Overweight rating and price target of $23/share, following Aldeyra Therapeutics’ 2Q18 financial results. In our view, the late 3Q18/early 4Q18, data readout of the Phase 2b study in dry eye positions Aldeyra for a major potential inflection point. In addition, a rich line-up of catalysts will follow, including the first readout with ADX-1612 in an investigator-sponsored mesothelioma study in late September and additional late-stage study readouts with reproxalap in late 2018/early 2019 (allergic conjunctivitis, Sjögren-Larsson syndrome, and noninfectious anterior uveitis). We believe these significant catalysts with reproxalap and ADX-1612 could create significant inflection points for the shares, beginning with dry eye data.”
According to TipRanks.com, Piros has 0 stars on 0-5 star ranking scale with an average return of -7.2% and a 41.9% 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 Moderate Buy analyst consensus rating for Aldeyra Therapeutics with a $25 average price target.
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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 113.5K.
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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.
