Aldeyra nearing two meaningful clinical milestones, says Cantor Fitzgerald

Cantor Fitzgerald analyst Elemer Piros says Aldeyra Therapeutics is approaching two meaningful near-term clinical milestones in dry eye and mesothelioma. Each event individually could create a “significant catalyst” for the shares, Piros tells investors in a research note. The analyst reiterates an Overweight rating on Aldeyra with a $23 price target. He believes Aldeyra’s reproxalap could advance to late-stage dry eye development with “relative ease,” based on criteria for advancement and the drug’s data to date. Such an event would be transformative, given the significant market potential and number of differentiated advantages of the drug, Piros contends. Further, he notes that while intent for ADX-1612’s licensing is in autoimmune conditions, a near-term readout in an investigator-sponsored mesothelioma study in late September “creates distinct optionality in oncology.”

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