FDA rejection sends Aldeyra stock tumbling 75% today

Aldeyra Therapeutics (ALDX) stock plummeted 75% premarket after the FDA issued a complete response letter rejecting its dry eye drug, Reproxalap. The regulator cited a lack of substantial evidence of efficacy in clinical trials. Aldeyra stated it does not plan to conduct additional trials and will request a Type A meeting with the FDA to discuss approval steps.