HC Wainwright Reaffirms Buy Rating for Aldeyra Therapeutics (NASDAQ:ALDX)

Aldeyra Therapeutics (NASDAQ:ALDX)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $10.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 429.10% from the stock’s previous close.

Aldeyra Therapeutics Stock Up 33.1 %

ALDX stock opened at $1.89 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.80 and a quick ratio of 6.80. Aldeyra Therapeutics has a 52-week low of $1.14 and a 52-week high of $7.20. The company’s 50-day simple moving average is $6.00 and its 200-day simple moving average is $5.45.

Aldeyra Therapeutics (NASDAQ:ALDX) last issued its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.30). As a group, equities analysts predict that Aldeyra Therapeutics will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Aldeyra Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC purchased a new stake in shares of Aldeyra Therapeutics during the fourth quarter worth about $52,000. Balyasny Asset Management L.P. acquired a new stake in Aldeyra Therapeutics in the 4th quarter worth about $56,000. Paloma Partners Management Co purchased a new stake in Aldeyra Therapeutics during the 3rd quarter worth approximately $62,000. Catalyst Funds Management Pty Ltd raised its holdings in shares of Aldeyra Therapeutics by 2,083.3% during the fourth quarter. Catalyst Funds Management Pty Ltd now owns 13,100 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 12,500 shares during the last quarter. Finally, Regal Investment Advisors LLC acquired a new position in shares of Aldeyra Therapeutics during the fourth quarter valued at approximately $66,000. 59.71% of the stock is currently owned by institutional investors and hedge funds.

About Aldeyra Therapeutics

Aldeyra Therapeutics is a clinical-stage biotechnology company focused on the development of novel therapies with the potential to improve the lives of patients with immune-mediated diseases. Two of the company’s lead compounds, reproxalap and ADX-629, target reactive aldehyde species (RASP), which are elevated in ocular and systemic inflammatory disease, leading to elevated levels of cytokine release via activation of a broad array of inflammatory factors, including NF-κB, inflammasomes, and Scavenger Receptor A.