Aldeyra Therapeutics (NASDAQ:ALDX) Stock Price Passes Above 50 Day Moving Average – Should You Sell?

Shares of Aldeyra Therapeutics, Inc. (NASDAQ:ALDX) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $4.93 and traded as high as $5.67. Aldeyra Therapeutics shares last traded at $5.48, with a volume of 588,417 shares traded.

Analyst Upgrades and Downgrades

Separately, BTIG Research reissued a “buy” rating and set a $9.00 target price on shares of Aldeyra Therapeutics in a research note on Monday, November 10th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Aldeyra Therapeutics has a consensus rating of “Hold” and a consensus price target of $9.50.

Aldeyra Therapeutics Stock Down 1.4%

The stock has a fifty day moving average price of $4.93 and a two-hundred day moving average price of $5.17. The company has a market capitalization of $329.69 million, a price-to-earnings ratio of -7.51 and a beta of 0.98.

Institutional Investors Weigh In On Aldeyra Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. 683 Capital Management LLC grew its stake in shares of Aldeyra Therapeutics by 126.9% during the 2nd quarter. 683 Capital Management LLC now owns 1,080,000 shares of the biotechnology company’s stock valued at $4,136,000 after buying an additional 604,000 shares during the period. Brighton Jones LLC purchased a new stake in Aldeyra Therapeutics during the second quarter valued at about $69,000. Savant Capital LLC acquired a new stake in Aldeyra Therapeutics during the second quarter worth about $552,000. King Wealth Management Group purchased a new position in shares of Aldeyra Therapeutics in the 2nd quarter worth about $46,000. Finally, Corton Capital Inc. purchased a new position in shares of Aldeyra Therapeutics in the 2nd quarter worth about $57,000. 59.71% of the stock is currently owned by hedge funds and other institutional investors.

Aldeyra Therapeutics Company Profile

Aldeyra Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapies for immune-mediated diseases. The company’s research efforts center on targeted alkenals, a class of reactive aldehyde species that play a key role in inflammatory pathways. By selectively modulating these pathways, Aldeyra aims to address both ocular and systemic indications with high unmet medical need.

The company’s lead product candidate, reproxalap, is being investigated in several ophthalmic disorders, including dry eye disease, allergic conjunctivitis and non-infectious anterior uveitis.