Cowen & Co. Remains a Buy on Aldeyra Therapeutics

By Carrie Williams

In a report released today, Ritu Baral from Cowen & Co. reiterated a Buy rating on Aldeyra Therapeutics (NASDAQ: ALDX), with a price target of $20. The company’s shares opened today at $4.15, close to its 52-week low of $3.80.

Baral commented:

“ADX-102 data flow will be picking up significantly from June with Ph2 allergic.”

According to TipRanks.com, Baral is a 5-star analyst with an average return of 9.6% and a 44.9% success rate. Baral covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Protalix Biotherapeutics, and Intra-Cellular Therapies.

Currently, the analyst consensus on Aldeyra Therapeutics is Strong Buy and the average price target is $16.67, representing a 301.7% upside.

In a report released yesterday, Canaccord Genuity also reiterated a Buy rating on the stock with a $12 price target.

Based on Aldeyra Therapeutics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $0 and GAAP net loss of $5.09 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $4.97 million.

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Aldeyra Therapeutics, Inc. operates as a biotechnology company. It primarily focuses on the development of new products for immune-mediated, inflammatory, orphan and other diseases that are thought to be caused in part by naturally occurring toxic chemical species known as free aldehydes. The company was founded by Thomas A. Jordan and John E. Dowling on August 13, 2004 and is headquartered in Lexington, MA.