Why Aldeyra Therapeutics' Shares Are Soaring Today?

Aldeyra Therapeutics Inc's ALDX Phase 3 TRANQUILITY-2 trial of reproxalap for dry eye disease has achieved the primary endpoint.
Reproxalap was statistically superior to the vehicle for each of the two prespecified primary endpoints, Schirmer test and ≥10 mm Schirmer test responder proportions after a single day of dosing.
The Schirmer test, a measure of ocular tear production, is the dry eye disease objective sign most commonly utilized for drug approval.
Related: Aldeyra's Dry Eye Candidate Tops Vehicle In Post-Hoc Analysis Using Computer Automated Grading In Ocular Redness.
A Type B Pre-NDA meeting will be held with the FDA in Q3 of 2022, followed by a potential NDA submission, pending enrollment in the ongoing 12-month safety trial and results from a dry eye chamber crossover trial.
Enrollment in the crossover dry eye disease trial is complete, and results are expected in Q3 of 2022.
Price Action: ALDX shares are up 12.2% at $3.60 during the market session on the last check Wednesday.