The company's eye treatment, reproxalap, met its goal in a late-stage study
Aldeyra Therapeutics Inc (NASDAQ:ALDX) is up 14.1% at $11.93 at last glance, after the biotech's allergy treatment in the form of liquid eye drops, reproxalap, met its goal in a late-stage study. The security earlier notched a fresh two-year high of $11.97, and is up 71.4% year-to-date.
The stock's typically quiet options pits are seeing triple the usual volume today, with 1,032 calls and 541 puts exchanged. The June 10 put is the most active contract, followed by the June 12.50 call.
All five analysts in coverage carry a "strong buy" rating on ALDX. The stock's price target is already quite bullish as well, sitting at $20.13 -- a 70.2% premium to current levels. It's also worth noting, however, that short interest makes up 7.3% of the stock's available float.
Despite calls outnumbering puts on an absolute basis, the stock's 10-day put/call volume ratio of 0.46 over at the International Securities Exchange .(ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is in the 93rd percentile of its annual range. In other words, this suggests a very healthy appetite for long puts of late.