Aldeyra Therapeutics (NASDAQ:ALDX) Stock Price Crosses Below 50 Day Moving Average - Here's What Happened

Key Points

• Aldeyra Therapeutics' stock (NASDAQ:ALDX) has recently fallen below its 50-day moving average of $5.35, trading as low as $4.96 before closing at $5.09 with a trading volume of 1,599,424 shares.
• Research analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and an average target price of $9.50, following upgrades from Zacks Research and Wall Street Zen.
• The company reported a quarterly earnings per share of ($0.16), which was better than the consensus estimate of ($0.21), and it has a market cap of $304.89 million.

Shares of Aldeyra Therapeutics, Inc. (NASDAQ:ALDX - Get Free Report) crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $5.35 and traded as low as $4.96. Aldeyra Therapeutics shares last traded at $5.09, with a volume of 1,599,424 shares traded.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Zacks Research upgraded shares of Aldeyra Therapeutics to a "hold" rating in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Aldeyra Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, HC Wainwright reiterated a "buy" rating and set a $10.00 target price on shares of Aldeyra Therapeutics in a research report on Monday, May 19th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $9.50.

Aldeyra Therapeutics Stock Performance

The company has a market cap of $304.89 million, a P/E ratio of -5.99 and a beta of 0.80. The firm's 50-day simple moving average is $5.35 and its 200 day simple moving average is $4.17.

Aldeyra Therapeutics (NASDAQ:ALDX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.05. As a group, research analysts forecast that Aldeyra Therapeutics, Inc. will post -0.92 earnings per share for the current year.

Insider Activity

In other news, insider Stephen Machatha sold 22,073 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $5.15, for a total value of $113,675.95. Following the completion of the transaction, the insider owned 221,799 shares of the company's stock, valued at $1,142,264.85. The trade was a 9.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Aldeyra Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in shares of Aldeyra Therapeutics by 275.4% in the 2nd 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 during the period. Geode Capital Management LLC boosted its stake in Aldeyra Therapeutics by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,146,597 shares of the biotechnology company's stock worth $4,392,000 after purchasing an additional 8,769 shares during the period. 683 Capital Management LLC boosted its stake in Aldeyra Therapeutics by 126.9% in the 2nd quarter. 683 Capital Management LLC now owns 1,080,000 shares of the biotechnology company's stock worth $4,136,000 after purchasing an additional 604,000 shares during the period. Kingdon Capital Management L.L.C. acquired a new position in Aldeyra Therapeutics in the 1st quarter worth $4,479,000. Finally, Invesco Ltd. boosted its stake in Aldeyra Therapeutics by 1,575.7% in the 1st quarter. Invesco Ltd. now owns 501,137 shares of the biotechnology company's stock worth $2,882,000 after purchasing an additional 471,231 shares during the period. Institutional investors and hedge funds own 59.71% of the company's stock.

About Aldeyra Therapeutics

Aldeyra Therapeutics is a clinical-stage biotechnology company focused on the development of novel therapies with the potential to improve the lives of patients with immune-mediated diseases. Two of the company's lead compounds, reproxalap and ADX-629, target reactive aldehyde species (RASP), which are elevated in ocular and systemic inflammatory disease, leading to elevated levels of cytokine release via activation of a broad array of inflammatory factors, including NF-κB, inflammasomes, and Scavenger Receptor A.

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