Quick Summary:
- Aldeyra Therapeutics' stock plummets by 74% after FDA's denial for its key drug, reproxalap.
- Analysts maintain an optimistic outlook with an average price target of $10.33.
- The company plans to reapply for approval in 2025 after further clinical trials.
Aldeyra Therapeutics (ALDX, Financial) experienced a significant stock decline of 74% in premarket trading as the U.S. Food and Drug Administration (FDA) declined approval for its leading drug, reproxalap, intended for treating dry eye disease. The regulatory body has called for additional clinical trials to substantiate the drug's efficacy. In response, Aldeyra is preparing to resubmit its application in 2025.
Wall Street Analysts' Forecast
Despite the recent setback, Wall Street analysts remain optimistic about Aldeyra Therapeutics Inc (ALDX, Financial). According to projections from six analysts, the average one-year price target for ALDX is set at $10.33. This range has a high estimate of $12.00 and a low estimate of $8.00, suggesting a potential upside of 94.05% compared to the current stock price of $5.33. For further detailed estimates, visit the Aldeyra Therapeutics Inc (ALDX) Forecast page.
The consensus recommendation from eight brokerage firms positions Aldeyra Therapeutics Inc's (ALDX, Financial) average brokerage recommendation at 1.4, aligning with a "Buy" status. This rating operates within a scale of 1 to 5, where 1 represents a Strong Buy and 5 indicates a Sell.
