Aldeyra Therapeutics, Inc. (NASDAQ:ALDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm presently has a $4.75 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 6.74% from the company’s previous close.

According to Zacks, “Aldeyra Therapeutics, Inc. is a biotechnology company. The company’s products target immune-mediated, inflammatory, orphan, and other diseases. It is developing NS2, a compound that binds and traps free aldehydes. Aldeyra Therapeutics, Inc. is based in Burlington, Massachusetts. “

Other equities research analysts also recently issued reports about the company. HC Wainwright set a $18.00 target price on Aldeyra Therapeutics and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity set a $12.00 target price on Aldeyra Therapeutics and gave the stock a “buy” rating in a report on Wednesday, June 14th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $16.00 target price on shares of Aldeyra Therapeutics in a report on Wednesday, May 31st. Five analysts have rated the stock with a buy rating, Aldeyra Therapeutics presently has an average rating of “Buy” and an average price target of $14.15.

Aldeyra Therapeutics (NASDAQ:ALDX) traded up 2.30% during midday trading on Thursday, reaching $4.45. The company had a trading volume of 23,607 shares. The company has a 50-day moving average of $4.67 and a 200-day moving average of $4.81. The stock’s market capitalization is $27.79 million. Aldeyra Therapeutics has a 12-month low of $3.80 and a 12-month high of $8.19.

Aldeyra Therapeutics (NASDAQ:ALDX) last released its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.35) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.02. On average, analysts predict that Aldeyra Therapeutics will post ($1.55) EPS for the current fiscal year.

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In related news, major shareholder Life Sciences Maste Perceptive bought 296,007 shares of the company’s stock in a transaction on Friday, June 30th. The shares were acquired at an average cost of $4.60 per share, with a total value of $1,361,632.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 28.40% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in Aldeyra Therapeutics during the first quarter valued at $132,000. Hikari Power Ltd acquired a new position in Aldeyra Therapeutics during the first quarter valued at $188,000. Sabby Management LLC acquired a new position in Aldeyra Therapeutics during the first quarter valued at $898,000. Sphera Funds Management LTD. boosted its position in Aldeyra Therapeutics by 81.4% in the first quarter. Sphera Funds Management LTD. now owns 668,500 shares of the biotechnology company’s stock valued at $3,343,000 after buying an additional 300,000 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its position in Aldeyra Therapeutics by 48.7% in the first quarter. Perceptive Advisors LLC now owns 2,885,458 shares of the biotechnology company’s stock valued at $12,897,000 after buying an additional 945,000 shares in the last quarter. Hedge funds and other institutional investors own 58.28% of the company’s stock.

About Aldeyra Therapeutics

Aldeyra Therapeutics, Inc, formerly Aldexa Therapeutics, Inc, is a biotechnology company. The Company’s principal activities include raising capital and research and development activities. The Company’s segment is the identification and development of a treatment for diseases related to high levels of aldehydes.

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