Matthew Caufield, an analyst from H.C. Wainwright, reiterated the Buy rating on Aldeyra Therapeutics (ALDX – Research Report). The associated price target remains the same with $10.00.
Matthew Caufield has given his Buy rating due to a combination of factors surrounding Aldeyra Therapeutics’ ongoing developments and financial positioning. The company is progressing with two critical studies for their eye drop candidate, reproxalap, aimed at treating dry eye disease. These studies are expected to address the FDA’s request for additional data, potentially leading to a new drug application resubmission by mid-2025.
Furthermore, Aldeyra’s financial health appears robust, with ongoing trial costs already accounted for in their budget and a significant cash reserve reported. The potential partnership with AbbVie could also provide substantial financial benefits and market opportunities, enhancing the commercial prospects of reproxalap. Caufield remains optimistic about the differentiated profile of reproxalap, which could offer a faster and broader treatment option for dry eye disease compared to existing therapies.
In another report released on April 1, JonesTrading also maintained a Buy rating on the stock with a $10.00 price target.