Stock Alert: Aldeyra Therapeutics Rising On Positive Top-line Results From Reproxalap

(RTTNews) - Shares of Aldeyra Therapeutics, Inc. (ALDX) are climbing more than 10% Thursday morning after the company reported positive top-line results from the phase III study of its lead drug candidate Reproxalap in dry eye disease.

The company reported positive top-line symptom, redness, and Schirmer's test results from the run-in cohort of the Phase III study dubbed Tranquility in patients with dry eye disease.

Improvement in ocular symptoms and redness occurred within minutes after reproxalap dosing. Consistent with clinical experience in more than 1,100 patients, no adverse findings on safety assessments were observed, and reproxalap was well-tolerated, the company said.

The main cohort of Tranquility is expected to begin enrollment in February 2021 with results expected in the second half of 2021.

A second Phase III study dubbed Tranquility-2, is expected to begin in the first quarter of 2021.

ALDX, currently at $7.37, has been trading in the range of $1.48- $8.7 in the last one year.