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ALDX

BEAR

2026-03-18

Overnight Institutional Flow Signal

See the 2026-03-18 Morning Briefing

Score

6/10

Move

70.5%

Flow

$6.5M

Engine Flags(1/5 patterns matched — diagnostic, not a trade signal)

🛡️

Institutional HedgingWhen big money hedges, the underlying moves

AI Trade Thesis

ALDX BEAR. The FDA's 'triple-rejection' of reproxalap effectively destroys the near-term bull case, with the agency explicitly questioning the reliability of the company's positive findings. With no new trials planned and AbbVie's commercialization option now in jeopardy, the stock is likely to remain 'dead money' or face further liquidation. Risk: A low-probability speculative bounce if the upcoming Type A meeting with the FDA yields a surprise path forward without new clinical data.

Flow Breakdown

Call Volume

$57K

Put Volume

$6.4M

Flow Intent

HEDGING

Catalyst

Regulatory

More Bearish Flow · 2026-03-18

TTD7/10 TEAM7/10 RBLX7/10 LULU7/10 QCOM6/10 NNE6/10

Recommended Setup

Contract—

Strike—

Expiration—

Mid Price—

Contract Score—

Risk/Reward0.1:1

Delta—

Key Levels

Resistance$4.89

Support$1.07

Price$1.24

SMA 50 / 200$5 / $5

52W Range$1 — $7

RSI (14)18

News & Catalyst Analysis

Key Headline

FDA Rejects Aldeyra's Dry Eye Drug For Third Time, Stock Crashes 70%

News Summary

ALDX plummeted over 70% following a third FDA rejection (Complete Response Letter) for its dry eye drug, reproxalap, citing a lack of substantial efficacy evidence and inconsistent trial results. While the company has cash through 2028, the management's decision not to conduct new trials creates a high-uncertainty environment for the stock's primary value driver.

Flow Intent Analysis

The $6.4M bearish flow occurred immediately following a terminal-level 70% collapse, indicating institutions are likely buying protection for remaining equity or managing delta on existing positions rather than initiating a pre-catalyst directional bet.

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ALDX

Key Headline

News Summary

Flow Intent Analysis

One email a week. Catch up in five minutes.

How We Read This Flow

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