Shares of biotechnology company Aldeyra Therapeutics (NASDAQ:ALDX) are surging upward today after it posted positive top-line data from a Phase 3 study evaluating reproxalap for the treatment of allergic conjunctivitis.
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Reproxalap is an investigational new drug and impressively the study achieved statistical significance in all primary and secondary endpoints. Subjects treated with the drug witnessed a statistically significant ocular itching score decrease in all 11 primary endpoint comparisons.
The solution has now been administered to over 2,400 subjects in 21 clinical studies and has not shown any safety or tolerability concerns. At present, a new drug application of the drug is under review with the U.S. Food and Drug Administration with the prescription drug user fee act date set for November 23, 2023.
Overall, the street has a $21 consensus price target on Aldeyra alongside a Strong Buy consensus rating. This points to a massive 100.9% potential upside in the stock on top of a 202% rise witnessed over the past year.
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