All told, Aldeyra Therapeutics' topline results from Part 1 of the Phase 3 Renew trial of reproxalap in dry eye disease were positive nearly across the board, JonesTrading analyst Matthew Cross tells investors in a research note. The analyst attributes today's shares weakness to concerns about the odds of success for reproxalap on endpoints in subsequent testing, given that reproxalap demonstrated statistically significant improvements over vehicle in fluorescein staining in the first four weeks but not the full twelve evaluated. However, the analyst feels investors have overlooked that Aldeyra will now have the opportunity to refine the protocol based upon the results of Part 1 andcompensate for the vehicle activity on the fluorescein staining clinical sign endpoint at later timepoints. As such, Cross believes Part 1 "has served its purpose." He maintains a Buy rating on Aldeyra shares with a $34 price target.