UPDATE: Ascendiant Capital Markets Initiates Coverage on Aldeyra Therapeutics with Buy Rating, $16 PT on Intriguing Investment Story

In a report published Wednesday, Ascendiant Capital Markets analyst Keay Nakae initiated coverage on

with a Buy rating and $16.00 price target. In the report, Ascendiant Capital Markets noted, “We believe that Aldeyra Therapeutics is an intriguing speculative small cap investment story. We believe that there would be substantial market demand for a novel therapy that is safe and effective in the indications that Aldeyra intends to pursue with its aldehyde trapping technology. Further, we believe that ALDX has the potential for significant upside from its current price, within the next 12 months, should its planned Phase 2/3 clinical studies achieve positive results. Our 12-month price target of $16.00 is calculated using an NPV analysis.” Aldeyra Therapeutics closed on Tuesday at $7.26.