Zacks Investment Research Upgrades Aldeyra Therapeutics (NASDAQ:ALDX) to “Hold”

Zacks Investment Research upgraded shares of Aldeyra Therapeutics (NASDAQ:ALDX) from a sell rating to a hold rating in a research note released on Tuesday, Zacks.com reports.

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. “

A number of other equities analysts also recently commented on ALDX. Canaccord Genuity reissued a buy rating and issued a $20.00 target price (down previously from $35.00) on shares of Aldeyra Therapeutics in a research note on Friday, May 10th. Cantor Fitzgerald set a $33.00 target price on shares of Aldeyra Therapeutics and gave the company a buy rating in a research note on Tuesday, June 25th. Finally, ValuEngine raised shares of Aldeyra Therapeutics from a hold rating to a buy rating in a research note on Saturday, June 22nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $31.00.

NASDAQ:ALDX opened at $5.21 on Tuesday. The stock has a market capitalization of $143.23 million, a P/E ratio of -2.91 and a beta of 0.50. Aldeyra Therapeutics has a fifty-two week low of $4.99 and a fifty-two week high of $16.70. The stock’s 50 day moving average is $5.76.

Aldeyra Therapeutics (NASDAQ:ALDX) last posted its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.02. Analysts forecast that Aldeyra Therapeutics will post -2.02 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Aldeyra Therapeutics by 47.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 61,536 shares of the biotechnology company’s stock worth $370,000 after acquiring an additional 19,826 shares during the period. Private Advisors LLC increased its holdings in Aldeyra Therapeutics by 21.8% in the 2nd quarter. Private Advisors LLC now owns 40,270 shares of the biotechnology company’s stock valued at $242,000 after buying an additional 7,211 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Aldeyra Therapeutics by 16.8% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 95,859 shares of the biotechnology company’s stock valued at $575,000 after buying an additional 13,775 shares during the period. Strs Ohio increased its holdings in Aldeyra Therapeutics by 7.5% in the 2nd quarter. Strs Ohio now owns 71,900 shares of the biotechnology company’s stock valued at $431,000 after buying an additional 5,000 shares during the period. Finally, Mesirow Financial Investment Management Inc. increased its holdings in Aldeyra Therapeutics by 12.1% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 62,736 shares of the biotechnology company’s stock valued at $373,000 after buying an additional 6,775 shares during the period. 59.52% 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.

Read More: Insider Trading – What You Need to Know

Get a free copy of the Zacks research report on Aldeyra Therapeutics (ALDX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Aldeyra Therapeutics (NASDAQ:ALDX)

Receive News & Ratings for Aldeyra Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Aldeyra Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.