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Why Aldeyra Therapeutics Stock Soared Today

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Shares of Aldeyra Therapeutics (NASDAQ: ALDX) soared 18.1% higher on Friday. The big jump came after BTIG analyst Julian Harrison initiated coverage on the stock with a buy recommendation and a price target of $29 -- more than four times Aldeyra's closing price on Thursday.

Analysts' recommendations and price targets can sometimes be on track but at other times can be dead wrong. However, it's usually a smart move to consider the underlying reasons behind their optimism or pessimism about a given stock.

Image source: Getty Images.

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