Aldeyra Therapeutics (NASDAQ:ALDX) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research lowered shares of Aldeyra Therapeutics (NASDAQ:ALDX) from a buy rating to a hold rating in a research note published on Wednesday morning, 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 research firms have also recently issued reports on ALDX. Canaccord Genuity restated a buy rating and issued a $20.00 price objective (down previously from $35.00) on shares of Aldeyra Therapeutics in a research report on Friday, May 10th. ValuEngine upgraded shares of Aldeyra Therapeutics from a hold rating to a buy rating in a research report on Saturday, June 22nd. Finally, Cantor Fitzgerald set a $33.00 price objective on shares of Aldeyra Therapeutics and gave the company a buy rating in a research report on Tuesday, June 25th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $26.79.

Shares of ALDX stock traded down $0.04 during mid-day trading on Wednesday, reaching $5.26. The stock had a trading volume of 732 shares, compared to its average volume of 175,967. The company has a 50-day moving average price of $5.58. Aldeyra Therapeutics has a 52-week low of $4.99 and a 52-week high of $16.70. The company has a market capitalization of $143.68 million, a price-to-earnings ratio of -2.98 and a beta of 0.50.

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 analysts’ consensus estimates of ($0.51) by $0.02. Research analysts expect that Aldeyra Therapeutics will post -2 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in ALDX. BlackRock Inc. increased its position in shares of 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 buying an additional 501,927 shares during the period. Point72 Asset Management L.P. purchased a new stake in Aldeyra Therapeutics in the second quarter worth about $1,950,000. Prescott Group Capital Management L.L.C. purchased a new stake in Aldeyra Therapeutics in the first quarter worth about $948,000. Renaissance Technologies LLC purchased a new stake in Aldeyra Therapeutics in the second quarter worth about $541,000. Finally, Geode Capital Management LLC grew its holdings in Aldeyra Therapeutics by 57.0% in the fourth quarter. Geode Capital Management LLC now owns 245,392 shares of the biotechnology company’s stock worth $2,036,000 after purchasing an additional 89,057 shares during the period. Institutional investors own 59.54% 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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