Aldeyra Therapeutics (NASDAQ:ALDX) Stock Passes Above 50 Day Moving Average – What’s Next?

Aldeyra Therapeutics, Inc. (NASDAQ:ALDX)’s stock price passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $1.85 and traded as high as $1.85. Aldeyra Therapeutics shares last traded at $1.72, with a volume of 2,584,594 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALDX. Weiss Ratings downgraded shares of Aldeyra Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 20th. Wall Street Zen raised shares of Aldeyra Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.50.

Aldeyra Therapeutics Stock Performance

The stock has a market capitalization of $101.94 million, a P/E ratio of -3.67 and a beta of 1.16. The stock’s fifty day simple moving average is $1.85 and its two-hundred day simple moving average is $3.03.

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

Insiders Place Their Bets

In other news, CEO Todd C. Brady bought 250,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were acquired at an average price of $1.67 per share, for a total transaction 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 approximately $2,874,567.66. This represents a 16.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 11.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Aldeyra Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its stake in Aldeyra Therapeutics by 275.4% in the second quarter. AQR Capital Management LLC now owns 1,473,812 shares of the biotechnology company’s stock valued at $5,645,000 after purchasing an additional 1,081,257 shares in the last quarter. 683 Capital Management LLC raised its stake in shares of Aldeyra Therapeutics by 86.6% in the fourth quarter. 683 Capital Management LLC now owns 1,530,000 shares of the biotechnology company’s stock worth $7,925,000 after purchasing an additional 710,000 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Aldeyra Therapeutics by 146.6% in the first quarter. Renaissance Technologies LLC now owns 863,187 shares of the biotechnology company’s stock valued at $1,459,000 after purchasing an additional 513,187 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of Aldeyra Therapeutics by 61.9% in the third quarter. Kennedy Capital Management LLC now owns 1,112,213 shares of the biotechnology company’s stock valued at $5,806,000 after purchasing an additional 425,245 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Aldeyra Therapeutics by 590.5% during the third quarter. Bank of America Corp DE now owns 390,078 shares of the biotechnology company’s stock valued at $2,036,000 after buying an additional 333,587 shares during the last quarter. 59.71% of the stock is currently owned by institutional investors.

About Aldeyra Therapeutics

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.