Aldeyra Therapeutics (NASDAQ:ALDX) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Aldeyra Therapeutics (NASDAQ:ALDX) from a sell rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. They currently have $5.75 price objective on the biotechnology company’s stock.

According to Zacks, “Aldeyra Therapeutics, Inc. is a biotechnology company. The company’s products target immune-mediated, inflammatory, orphan, and other diseases. It is developing NS2, a compound that binds and traps free aldehydes. Aldeyra Therapeutics, Inc. is based in Burlington, Massachusetts. “

Several other equities research analysts have also recently issued reports on the stock. Cantor Fitzgerald set a $33.00 target price on shares of Aldeyra Therapeutics and gave the stock a buy rating in a research report on Tuesday, June 25th. ValuEngine raised shares of Aldeyra Therapeutics from a hold rating to a buy rating in a research report on Saturday, June 22nd. Finally, Canaccord Genuity reissued a buy rating and issued a $20.00 target price (down from $35.00) on shares of Aldeyra Therapeutics in a research report on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Aldeyra Therapeutics currently has a consensus rating of Buy and a consensus price target of $26.79.

Shares of NASDAQ ALDX opened at $4.90 on Tuesday. The company has a 50-day simple moving average of $5.56 and a 200-day simple moving average of $7.25. Aldeyra Therapeutics has a 12 month low of $4.83 and a 12 month high of $16.70.

Aldeyra Therapeutics (NASDAQ:ALDX) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.49) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.02. On average, research analysts predict that Aldeyra Therapeutics will post -2 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALDX. BlackRock Inc. lifted its position in Aldeyra Therapeutics by 63.0% during the fourth quarter. BlackRock Inc. now owns 1,298,715 shares of the biotechnology company’s stock valued at $10,779,000 after purchasing an additional 501,927 shares during the period. Bank of New York Mellon Corp lifted its position in Aldeyra Therapeutics by 7.1% during the fourth quarter. Bank of New York Mellon Corp now owns 139,305 shares of the biotechnology company’s stock valued at $1,156,000 after purchasing an additional 9,290 shares during the period. Northern Trust Corp lifted its position in Aldeyra Therapeutics by 27.1% during the fourth quarter. Northern Trust Corp now owns 260,761 shares of the biotechnology company’s stock valued at $2,164,000 after purchasing an additional 55,679 shares during the period. Geode Capital Management LLC lifted its position in Aldeyra Therapeutics by 57.0% during the fourth quarter. Geode Capital Management LLC now owns 245,392 shares of the biotechnology company’s stock valued at $2,036,000 after purchasing an additional 89,057 shares during the period. Finally, Bank of America Corp DE lifted its position in Aldeyra Therapeutics by 139.4% during the fourth quarter. Bank of America Corp DE now owns 12,181 shares of the biotechnology company’s stock valued at $102,000 after purchasing an additional 7,093 shares during the period. 59.54% of the stock is currently owned by institutional investors and hedge funds.

Aldeyra Therapeutics Company Profile

Aldeyra Therapeutics, Inc, a biotechnology company, focuses on the development of products for inflammation, inborn errors of metabolism, and other diseases in the United States and internationally. It is developing ADX-102, a small molecule designed to trap and allow for the degradation of aldehydes, as well as ADX-103 and ADX-104 novel candidates for the treatment of noninfectious anterior uveitis, allergic conjunctivitis, dry eye syndrome, sjögren-larsson syndrome, and succinic semi-aldehyde dehydrogenase deficiency.

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