In a report released on June 18, Thomas Shrader from BTIG maintained a Buy rating on Aldeyra Therapeutics (ALDX – Research Report), with a price target of $9.00.
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Thomas Shrader has given his Buy rating due to a combination of factors surrounding Aldeyra Therapeutics’ recent developments. The company’s re-submission of the New Drug Application (NDA) for Reproxalap, aimed at treating dry eye disease (DED), is a significant step forward. The FDA’s feedback, which required only one additional trial with positive results, has been met by Aldeyra, enhancing the likelihood of approval. Reproxalap’s unique mechanism, offering rapid relief by scavenging irritants, distinguishes it in the competitive DED market.
Furthermore, the potential partnership with Abbvie, contingent on approval, could bring in $200 million, aiding in patient access and reimbursement. This partnership is crucial given the competitive nature of the DED space, where substantial upfront investment or strategic pricing is often necessary. Additionally, Aldeyra’s focus on next-generation RASP modulators for systemic diseases presents promising future opportunities, potentially expanding their market reach and enhancing long-term value for investors.
According to TipRanks, Shrader is an analyst with an average return of -0.4% and a 33.74% success rate. Shrader covers the Healthcare sector, focusing on stocks such as Novavax, Ovid Therapeutics, and NRX Pharmaceuticals.