Oppenheimer Starts Aldeyra Therapeutics (ALDX) at Outperform

Oppenheimer analyst Justin Kim initiates coverage on Aldeyra Therapeutics (NASDAQ: ALDX) with a Outperform rating and a price target of $12.00.

The analyst comments "We are initiating on Aldeyra Therapeutics with an Outperform rating and $12 price target, ahead of what we view to be a line-up of meaningful clinical and regulatory catalysts. As Aldeyra gains greater visibility for its late-stage Phase 3 programs in allergic conjunctivitis (AC) and dry eye disease (DED), we believe the company could be positioned for a re-rating. While Aldeyra's efforts to broaden the pipeline underscore its strong execution and attention to diversify clinical efforts, we believe its numerous programs have complicated the investment thesis which AC and DED programs could alone justify. Nonetheless, optionality for the company's emerging systemic inflammation programs and for its late-stage ADX-2191 program (proliferative vitreoretinopathy, or PVR) is notable as upside to our base case."

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 $2.85 yesterday.

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