Aldeyra Therapeutics (NASDAQ:ALDX) Upgraded by Zacks Investment Research to Hold

Aldeyra Therapeutics (NASDAQ:ALDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

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. “

Several other research firms have also recently commented on ALDX. ValuEngine upgraded Aldeyra Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, June 22nd. Canaccord Genuity reissued a “buy” rating and issued a $20.00 price objective (down from $35.00) on shares of Aldeyra Therapeutics in a report on Friday, May 10th. Finally, Cantor Fitzgerald set a $33.00 price objective on Aldeyra Therapeutics and gave the company a “buy” rating in a report on Tuesday, June 25th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $31.00.

Shares of NASDAQ:ALDX traded up $0.14 during trading on Tuesday, hitting $5.30. The company’s stock had a trading volume of 438,132 shares, compared to its average volume of 416,530. Aldeyra Therapeutics has a fifty-two week low of $4.99 and a fifty-two week high of $16.70. The firm’s 50-day simple moving average is $5.89. The stock has a market capitalization of $149.55 million, a P/E ratio of -2.96 and a beta of 0.50.

Aldeyra Therapeutics (NASDAQ:ALDX) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.39) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.02. On average, research analysts predict that Aldeyra Therapeutics will post -2.02 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Strs Ohio increased its holdings in Aldeyra Therapeutics by 7.5% in the second quarter. Strs Ohio now owns 71,900 shares of the biotechnology company’s stock valued at $431,000 after buying an additional 5,000 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in shares of Aldeyra Therapeutics by 12.1% during the second quarter. Mesirow Financial Investment Management Inc. now owns 62,736 shares of the biotechnology company’s stock valued at $373,000 after purchasing an additional 6,775 shares during the last quarter. Private Advisors LLC grew its holdings in shares of Aldeyra Therapeutics by 50.0% during the first quarter. Private Advisors LLC now owns 33,059 shares of the biotechnology company’s stock valued at $299,000 after purchasing an additional 11,020 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new position in shares of Aldeyra Therapeutics during the first quarter valued at approximately $244,000. Finally, Prescott Group Capital Management L.L.C. bought a new position in shares of Aldeyra Therapeutics during the first quarter valued at approximately $948,000. 59.52% of the stock is owned by hedge funds and other institutional investors.

About Aldeyra Therapeutics

Aldeyra Therapeutics, Inc, a biotechnology company, focuses on the development of products for inflammation, inborn errors of metabolism, and other diseases in the United States and internationally. It is developing ADX-102, a small molecule designed to trap and allow for the degradation of aldehydes, as well as ADX-103 and ADX-104 novel candidates for the treatment of noninfectious anterior uveitis, allergic conjunctivitis, dry eye syndrome, sjögren-larsson syndrome, and succinic semi-aldehyde dehydrogenase deficiency.

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