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

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Zacks Investment Research cut shares of Aldeyra Therapeutics (NASDAQ:ALDX) from a hold rating to a sell rating in a report released on Wednesday, 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. “

Several other analysts have also recently weighed in on the stock. ValuEngine raised shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. Canaccord Genuity dropped their price target on shares of Cronos Group from C$17.00 to C$16.00 in a research note on Friday, May 10th. Citigroup increased their price target on shares of Aldeyra Therapeutics from $32.00 to $38.00 and gave the company a positive rating in a research note on Tuesday, March 26th. Finally, Cantor Fitzgerald set a $33.00 price target on shares of Aldeyra Therapeutics and gave the company a buy rating in a research note on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $31.00.

ALDX stock opened at $5.60 on Wednesday. Aldeyra Therapeutics has a 12 month low of $4.99 and a 12 month high of $16.70. The company has a 50-day simple moving average of $6.60.

Aldeyra Therapeutics (NASDAQ:ALDX) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.39) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.41) by $0.02. Equities research analysts expect that Aldeyra Therapeutics will post -2.02 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA purchased a new stake in shares of Aldeyra Therapeutics in the 1st quarter valued at approximately $40,000. Bank of America Corp DE grew its stake in shares of Aldeyra Therapeutics by 139.4% in 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. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Aldeyra Therapeutics in the 4th quarter valued at approximately $104,000. American International Group Inc. grew its stake in shares of Aldeyra Therapeutics by 23.4% in the 4th quarter. American International Group Inc. now owns 13,909 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 2,641 shares during the period. Finally, Ironwood Investment Management LLC purchased a new stake in shares of Aldeyra Therapeutics in the 1st quarter valued at approximately $116,000. 59.52% of the stock is 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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