|Bid||11.92 x 1000|
|Ask||12.50 x 2900|
|Day's Range||11.76 - 12.23|
|52 Week Range||3.95 - 15.95|
|Beta (5Y Monthly)||1.75|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Ladies and gentlemen, thank you for standing by, and welcome to the Aldeyra Therapeutics first-quarter 2021 financial results conference call. With me is Dr. Todd Brady, president, and chief executive officer of Aldeyra. This morning we issued a press release reporting our financial results for the quarter ended March 31, 2021.
Shares of Aldeyra Therapeutics (NASDAQ: ALDX) were 8.3% lower as of 12:31 p.m. EDT on Wednesday. The decline came after the company announced plans for a $125 million public stock offering. Public offerings usually cause stocks to fall because they dilute the value of existing shares.
Aldeyra Therapeutics Inc (NASDAQ: ALDX) intends to sell 5 million shares of its common stock in an underwritten public offering. Underwriters will have an option to purchase up to an additional $18.75 million of shares. Aldeyra intends to use the net proceeds to prepare a potential marketing application submission of its lead compound, reproxalap, the preparations for its commercial launch, if approved, pipeline development programs, and working capital purposes. Jefferies and SVB Leerink are acting as joint book-running managers for the offering. Yesterday, the company announced positive top-line results from the Phase 3 trial evaluating 0.25% reproxalap in allergic conjunctivitis, sending shares to climb more than 30%. Data showed that Reproxalap easily achieved the primary endpoint of the study (reduction in eye itching) and secondary endpoints with a high level of statistical significance. Aldeyra's next step is to meet with the FDA about a path to approval for reproxalap. This meeting is expected to take place in the second half of this year, with a potential regulatory filing for approval on the way afterward. The company had cash and equivalents of $138.4 million as of March 31, 2021. Price Action: ALDX shares are down 5.4% at $14.05 in the premarket on the last check Wednesday. See more from BenzingaClick here for options trades from BenzingaAldeyra Therapeutics Stock Is Trading Higher On Acing Allergic Conjunctivitis Study With Reproxalap© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.