Analyst Thomas Shrader of BTIG maintained a Buy rating on Aldeyra Therapeutics (ALDX – Research Report), with a price target of $11.00.
Thomas Shrader has given his Buy rating due to a combination of factors that highlight the potential of Aldeyra Therapeutics. The company’s lead drug candidate, Reproxalap, is seen as a groundbreaking treatment for dry eye disease (DED) with rapid efficacy and a broad range of activity. The upcoming PDUFA date in April 2025 is anticipated to go smoothly, especially with AbbVie’s strong marketing capabilities expected to support a successful launch.
Furthermore, Aldeyra is making strategic moves towards the systemic reactive aldehyde species (RASP) market, leveraging the Reproxalap franchise to fund this pivot. The company has promising data on RASP inhibitors for various inflammatory diseases, with ongoing studies showing favorable safety profiles and effective drug levels. With AbbVie’s potential involvement in these systemic programs and the positive financial position of Aldeyra, Shrader sees a strong growth trajectory for the company.
In another report released on March 7, JonesTrading also reiterated a Buy rating on the stock with a $10.00 price target.