Aldeyra Therapeutics (NASDAQ:ALDX) Stock Price Passes Above 50-Day Moving Average – Here’s Why

Aldeyra Therapeutics, Inc. (NASDAQ:ALDX) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $1.72 and traded as high as $1.96. Aldeyra Therapeutics shares last traded at $1.80, with a volume of 2,047,726 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. BTIG Research reaffirmed a “buy” rating on shares of Aldeyra Therapeutics in a research report on Tuesday, March 17th. Wall Street Zen upgraded shares of Aldeyra Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. HC Wainwright restated a “neutral” rating and issued a $2.00 target price (down from $10.00) on shares of Aldeyra Therapeutics in a research note on Wednesday, March 18th. Finally, Weiss Ratings lowered shares of Aldeyra Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 20th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.50.

Aldeyra Therapeutics Trading Down 5.3%

The stock has a market capitalization of $108.58 million, a P/E ratio of -3.91 and a beta of 1.19. The stock’s 50 day simple moving average is $1.72 and its 200 day simple moving average is $3.35.

Aldeyra Therapeutics (NASDAQ:ALDX) last released its earnings results on Thursday, May 7th. The biotechnology company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.07. On average, sell-side analysts expect that Aldeyra Therapeutics, Inc. will post -0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Todd C. Brady acquired 250,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was purchased at an average cost of $1.67 per share, with a total value of $417,500.00. Following the completion of the acquisition, the chief executive officer directly owned 1,721,298 shares in the company, valued at $2,874,567.66. This represents a 16.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in shares of Aldeyra Therapeutics by 456.3% in the 1st quarter. AQR Capital Management LLC now owns 392,555 shares of the biotechnology company’s stock valued at $2,257,000 after acquiring an additional 321,992 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Aldeyra Therapeutics during the first quarter worth $218,000. Jane Street Group LLC acquired a new position in Aldeyra Therapeutics in the first quarter worth $1,024,000. Acadian Asset Management LLC increased its stake in Aldeyra Therapeutics by 7,402.7% during the first quarter. Acadian Asset Management LLC now owns 95,960 shares of the biotechnology company’s stock valued at $551,000 after purchasing an additional 94,681 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Aldeyra Therapeutics by 0.8% during the second quarter. Geode Capital Management LLC now owns 1,146,597 shares of the biotechnology company’s stock valued at $4,392,000 after purchasing an additional 8,769 shares during the last quarter. Institutional investors and hedge funds own 59.71% of the company’s stock.

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.