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 target price 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. “

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

ALDX stock opened at $4.86 on Tuesday. Aldeyra Therapeutics has a 12-month low of $4.75 and a 12-month high of $16.70. The stock’s 50 day simple moving average is $5.53 and its 200 day simple moving average is $7.24.

Aldeyra Therapeutics (NASDAQ:ALDX) last released its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.02. As a group, analysts forecast that Aldeyra Therapeutics will post -2.01 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new position in shares of Aldeyra Therapeutics during the 2nd quarter valued at $30,000. BNP Paribas Arbitrage SA bought a new position in shares of Aldeyra Therapeutics during the 1st quarter valued at $40,000. D. E. Shaw & Co. Inc. bought a new position in shares of Aldeyra Therapeutics during the 2nd quarter valued at $67,000. Bank of America Corp DE lifted its holdings in shares of Aldeyra Therapeutics by 139.4% during the 4th quarter. Bank of America Corp DE now owns 12,181 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 7,093 shares during the period. Finally, Ironwood Investment Management LLC bought a new position in shares of Aldeyra Therapeutics during the 1st quarter valued at $116,000. 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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Analyst Recommendations for Aldeyra Therapeutics (NASDAQ:ALDX)

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