Aldeyra Therapeutics (NASDAQ:ALDX) Rating Lowered to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Aldeyra Therapeutics (NASDAQ:ALDX) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, 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. “

ALDX has been the subject of several other reports. Canaccord Genuity dropped their target price on shares of Cronos Group from C$17.00 to C$16.00 in a research report on Friday, May 10th. ValuEngine upgraded shares of Zumiez from a sell rating to a hold rating in a research report on Saturday, June 22nd. Citigroup boosted their target price on shares of Aldeyra Therapeutics from $32.00 to $38.00 and gave the company a positive rating in a research report on Tuesday, March 26th. Finally, Cantor Fitzgerald set a $33.00 target price on shares of Aldeyra Therapeutics and gave the company a buy rating in a research report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $31.00.

Shares of NASDAQ:ALDX opened at $5.60 on Wednesday. The firm has a 50 day moving average price of $6.60. Aldeyra Therapeutics has a 12 month low of $4.99 and a 12 month high of $16.70.

Aldeyra Therapeutics (NASDAQ:ALDX) last issued its earnings results on Thursday, May 9th. The biotechnology company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.02. Sell-side analysts predict that Aldeyra Therapeutics will post -2.02 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. increased its position in Aldeyra Therapeutics by 23.4% during the 4th quarter. American International Group Inc. now owns 13,909 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 2,641 shares in the last quarter. Rhumbline Advisers increased its position in Aldeyra Therapeutics by 17.3% during the 1st quarter. Rhumbline Advisers now owns 27,183 shares of the biotechnology company’s stock worth $245,000 after purchasing an additional 4,010 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new position in Aldeyra Therapeutics during the 1st quarter worth approximately $40,000. Deutsche Bank AG increased its position in Aldeyra Therapeutics by 17.0% during the 4th quarter. Deutsche Bank AG now owns 39,658 shares of the biotechnology company’s stock worth $328,000 after purchasing an additional 5,753 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. increased its position in Aldeyra Therapeutics by 12.1% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 62,736 shares of the biotechnology company’s stock worth $373,000 after purchasing an additional 6,775 shares in the last quarter. Institutional investors and hedge funds own 59.52% of the company’s stock.

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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