Aldeyra Therapeutics, Inc. (NASDAQ:ALDX) Sees Large Increase in Short Interest

Key Points

• Short interest jumped 22.5% in March to 6,433,712 shares (about 11.7% of shares sold short), with a short-interest ratio of 3.9 days based on average daily volume.
• Insider bought: Director Richard Douglas purchased 70,000 shares at $1.40 on March 19, raising his stake to 195,000 shares (a 56% increase); insiders own 8.5% of the stock.
• Analyst sentiment is mixed with a MarketBeat consensus rating of "Hold" and a $5.50 target; individual notes include HC Wainwright cutting its price target to $2, Wall Street Zen downgrading to "Sell," and BTIG reiterating a "Buy."

Aldeyra Therapeutics, Inc. (NASDAQ:ALDX - Get Free Report) was the target of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 6,433,712 shares, an increase of 22.5% from the February 26th total of 5,253,462 shares. Approximately 11.7% of the company's shares are sold short. Based on an average daily trading volume, of 1,629,596 shares, the short-interest ratio is currently 3.9 days.

Aldeyra Therapeutics Stock Performance

Shares of ALDX opened at $1.77 on Monday. Aldeyra Therapeutics has a one year low of $1.07 and a one year high of $6.73. The stock has a 50-day moving average price of $4.54 and a 200 day moving average price of $4.86. The company has a market capitalization of $106.52 million, a P/E ratio of -3.11 and a beta of 0.97.

Aldeyra Therapeutics (NASDAQ:ALDX - Get Free Report) last released its earnings results on Friday, February 27th. The biotechnology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.03. As a group, equities research analysts forecast that Aldeyra Therapeutics will post -0.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ALDX has been the subject of several research analyst reports. HC Wainwright restated a "neutral" rating and set a $2.00 price target (down from $10.00) on shares of Aldeyra Therapeutics in a research note on Wednesday, March 18th. Wall Street Zen lowered Aldeyra Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, March 21st. Finally, BTIG Research reiterated a "buy" rating on shares of Aldeyra Therapeutics in a report on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $5.50.

Insider Buying and Selling at Aldeyra Therapeutics

In other news, Director Richard Douglas bought 70,000 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The shares were acquired at an average cost of $1.40 per share, with a total value of $98,000.00. Following the transaction, the director owned 195,000 shares of the company's stock, valued at $273,000. This represents a 56.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Aldeyra Therapeutics

A number of hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Aldeyra Therapeutics by 275.4% during 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 buying an additional 1,081,257 shares in the last quarter. 683 Capital Management LLC raised its position in shares of Aldeyra Therapeutics by 86.6% during the 4th quarter. 683 Capital Management LLC now owns 1,530,000 shares of the biotechnology company's stock valued at $7,925,000 after acquiring an additional 710,000 shares in the last quarter. Kennedy Capital Management LLC lifted its stake in Aldeyra Therapeutics by 61.9% during the third quarter. Kennedy Capital Management LLC now owns 1,112,213 shares of the biotechnology company's stock worth $5,806,000 after purchasing an additional 425,245 shares during the last quarter. Bank of America Corp DE increased its stake in 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 purchasing an additional 333,587 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Aldeyra Therapeutics by 49.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 947,551 shares of the biotechnology company's stock worth $4,946,000 after purchasing an additional 313,395 shares during the period. 59.71% of the stock is currently owned by institutional investors and hedge funds.

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.

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