Aldeyra Therapeutics (ALDX) Phase 3 Miss Amounts to $2/sh In Value - Cantor

Cantor Fitzgerald analyst, Elemer Piros, reiterated his Overweight rating on shares of Aldeyra Therapeutics (NASDAQ: ALDX) and cut his price target to $33.00 (from $35.00) after the company announced topline results from the Phase 3 SOLACE study of reproxalap that did not achieve statistical significance for primary or secondary endpoints. It also announced plans to discontinue this program. The study was for the treatment of noninfectious anterior uveitis (NAU).

The nominal change to the PT was clarified by the analyst stating "While these results don't support moving the program forward (accounting for our $2/share PT reduction), we remain confident on reproxalap as we've observed positive Phase 3 results in allergic conjunctivitis and Phase 2b results in dry eye disease".

For an analyst ratings summary and ratings history on Aldeyra Therapeutics click here. For more ratings news on Aldeyra Therapeutics click here.

Shares of Aldeyra Therapeutics closed at $5.75 yesterday.

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