Aldeyra Therapeutics (NASDAQ:ALDX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Aldeyra Therapeutics (NASDAQ:ALDX) from a hold rating to a sell rating in a research report released on Wednesday morning, 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. “

A number of other brokerages have also weighed in on ALDX. Citigroup boosted their price objective on shares of Aldeyra Therapeutics from $32.00 to $38.00 and gave the company a positive rating in a report on Tuesday, March 26th. ValuEngine raised shares of Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Canaccord Genuity lowered their price target on shares of Cronos Group from C$17.00 to C$16.00 in a report on Friday, May 10th. Finally, Cantor Fitzgerald set a $33.00 price target on shares of Aldeyra Therapeutics and gave the company a buy rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Aldeyra Therapeutics currently has a consensus rating of Buy and a consensus price target of $31.00.

Shares of ALDX opened at $5.60 on Wednesday. Aldeyra Therapeutics has a 1-year low of $4.99 and a 1-year high of $16.70. The firm’s fifty day moving average is $6.60.

Aldeyra Therapeutics (NASDAQ:ALDX) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.02. As a group, analysts predict that Aldeyra Therapeutics will post -2.02 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of ALDX. BNP Paribas Arbitrage SA purchased a new stake in Aldeyra Therapeutics in the first quarter valued at $40,000. Bank of America Corp DE boosted its holdings in Aldeyra Therapeutics by 139.4% in the fourth quarter. Bank of America Corp DE now owns 12,181 shares of the biotechnology company’s stock valued at $102,000 after purchasing an additional 7,093 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Aldeyra Therapeutics in the fourth quarter valued at $104,000. American International Group Inc. boosted its holdings in Aldeyra Therapeutics by 23.4% in the fourth quarter. American International Group Inc. now owns 13,909 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 2,641 shares during the last quarter. Finally, Ironwood Investment Management LLC purchased a new stake in Aldeyra Therapeutics in the first quarter valued at $116,000. 59.52% of the stock is currently owned by institutional investors.

Aldeyra Therapeutics Company Profile

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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