Clara Dong, an analyst from Jefferies, maintained the Buy rating on Aldeyra Therapeutics. The associated price target is $7.00.
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Clara Dong’s rating is based on several promising developments for Aldeyra Therapeutics. The FDA’s acceptance of the resubmitted NDA for Reproxalap in treating dry eye disease is a significant milestone, reducing regulatory risks after previous setbacks. The recent Phase 3 trial successfully met its primary endpoint, addressing prior concerns and paving the way for potential approval by December 16, 2025. This approval could also trigger a strategic option agreement with ABBV, potentially leading to substantial financial gains and a clear commercial pathway for Reproxalap.
Furthermore, Aldeyra Therapeutics is positioned as a platform story with multiple ongoing clinical programs, offering potential future cash flows. The company has received Orphan Drug Designation for its intravitreal methotrexate, ADX-2191, and is advancing other promising candidates like ADX-629 and ADX-248. These developments, combined with the potential for ABBV to leverage its marketing experience, particularly in ocular redness, provide a compelling case for a Buy rating on ALDX stock.