Analyst Marc Goodman from Leerink Partners maintained a Buy rating on Aldeyra Therapeutics and keeping the price target at $10.00.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Marc Goodman has given his Buy rating due to a combination of factors surrounding Aldeyra Therapeutics. The company has made significant progress with its resubmitted NDA for reproxalap, targeting dry eye disease, with a PDUFA date set for December 16. This resubmission follows positive outcomes from a chamber trial, which Aldeyra believes adequately addresses previous FDA concerns. Importantly, the NDA package focuses solely on this successful trial, excluding data from a less favorable field trial.
Additionally, Aldeyra’s strategic plans include initiating a Phase 2/3 study for ADX-2191 in retinitis pigmentosa, a move supported by its recent Orphan Designation for the condition. Financially, the company is on stable ground, ending the quarter with approximately $82 million in cash. These developments, coupled with the potential for approval in dry eye disease, underpin Goodman’s optimistic outlook and the maintained Outperform rating with a price target of $10.
In another report released on August 11, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.