Aldeyra price target lowered to $11 from $30 at Laidlaw

Laidlaw lowered the firm’s price target on Aldeyra to $11 from $30 and keeps a Buy rating on the shares. The analyst is adjusting the firm’s valuation after the company disclosed earlier this morning that the FDA minutes from a late cycle review of reproxalap indicated that the clinical data of the ocular sign did not support clinical relevancy. This could cast a great show on the outlook of reproxalap in DED, though reproxalap in AC and other in-development assets are still potentially viable to create value, the firm tells investors in a research note.