Aldeyra downgraded to Perform from Outperform at Oppenheimer (earlier)

Oppenheimer analyst Justin Kim earlier today downgraded Aldeyra Therapeutics to Perform from Outperform without a price target after the company received minutes from a late-cycle review meeting with the FDA relating to the new drug application for reproxalap for the treatment of the signs and symptoms of dry eye disease. The Minutes identified substantive review issues in connection with the application for reproxalap, the company disclosed. Shares of Aldeyra dropped 66% to $1.83 in Monday’s trading session.