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

Aldeyra Therapeutics (NASDAQ:ALDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm currently has a $2.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s target price would suggest a potential downside of 14.16% from the stock’s previous close.

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. “

Separately, ValuEngine cut Aldeyra Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $23.25.

ALDX traded up $0.35 on Tuesday, reaching $2.33. 378,064 shares of the stock were exchanged, compared to its average volume of 222,018. The company’s 50-day moving average price is $3.83 and its 200 day moving average price is $5.32. Aldeyra Therapeutics has a fifty-two week low of $1.48 and a fifty-two week high of $9.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.82 and a quick ratio of 5.82. The firm has a market capitalization of $60.21 million, a PE ratio of -1.04 and a beta of 1.66.

Aldeyra Therapeutics (NASDAQ:ALDX) last issued its quarterly earnings data on Thursday, March 12th. The biotechnology company reported ($0.47) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.68) by $0.21. As a group, equities analysts forecast that Aldeyra Therapeutics will post -1.92 earnings per share for the current fiscal year.

In related news, Director Richard Douglas acquired 40,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was acquired at an average price of $2.75 per share, with a total value of $110,000.00. Following the acquisition, the director now directly owns 125,000 shares in the company, valued at approximately $343,750. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 13.50% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. National Asset Management Inc. increased its stake in shares of Aldeyra Therapeutics by 11.8% in the 4th quarter. National Asset Management Inc. now owns 25,100 shares of the biotechnology company’s stock valued at $146,000 after purchasing an additional 2,650 shares in the last quarter. Citigroup Inc. increased its stake in shares of Aldeyra Therapeutics by 64.6% in the 4th quarter. Citigroup Inc. now owns 9,298 shares of the biotechnology company’s stock valued at $54,000 after purchasing an additional 3,649 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Aldeyra Therapeutics by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 57,647 shares of the biotechnology company’s stock valued at $335,000 after purchasing an additional 4,111 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Aldeyra Therapeutics by 204.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,981 shares of the biotechnology company’s stock valued at $41,000 after purchasing an additional 4,688 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Aldeyra Therapeutics in the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 59.70% of the company’s stock.

About Aldeyra Therapeutics

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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