In a report released yesterday, Thomas Shrader from BTIG maintained a Buy rating on Aldeyra Therapeutics, 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’ promising developments and regulatory progress. The company’s systemic RASP inhibitors have shown potential in addressing conditions like Parkinson’s Disease and Multiple Sclerosis, with promising results in improving dopamine levels, which is significant given the lack of disease-modifying drugs for Parkinson’s. Additionally, the company’s CNS programs are gaining attention, especially with the upcoming EVOKE readout, which could further highlight the role of inflammation in CNS diseases.
Moreover, Aldeyra’s Reproxalap package has made significant strides, with the FDA accepting their NDA after addressing previous concerns. The completion of a successful Phase 3 trial for dry eye disease, which met its primary endpoint with statistical significance, strengthens the likelihood of approval. The involvement of AbbVie and the potential for a substantial financial boost post-FDA approval further supports the positive outlook for Aldeyra. These factors, combined with a solid valuation approach, underpin Shrader’s Buy rating for the stock.
ALDX’s price has also changed dramatically for the past six months – from $2.080 to $5.020, which is a 141.35% increase.