Cantor Fitzgerald analyst Elemer Piros raised his price target for Aldeyra Therapeutics to $35 from $30 citing the “successful” pivotal Alleviate trial data in allergic conjunctivitis. The analyst increased his risk-adjusted probability for the program from 30% to 60%, which results in an increase in net present value from $125M to $270M. He thinks Aldeyra has sufficient cash to execute its clinical programs near term and reiterates an Overweight rating on the shares. Aldeyra in early trading is up 53%, or $3.76, to $10.90.
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