JonesTrading analyst Matthew Cross raised his price target for Aldeyra Therapeutics to $38 from $32 citing the company's positive results from the Alleviate trial in allergic conjunctivitis for reproxalap. This morning's data set a new precedent in an indication that many on the Street appear to have effectively overlooked, Cross tells investors in a research note. The analyst believes the opportunity in allergic conjunctivitis is greater than that of dry eye, and says multiple aspects of the Phase 3 Alleviate data suggest that both markets may be targeted in tandem with a single reproxalap product and concentration. He sees "nothing to gripe at across endpoints, doses, or safety" and maintains a Buy rating on Aldeyra.