Aldeyra Therapeutics stock plunges on heavy volume after FDA finds ‘substantive’ issues with NDA for dry-eye disease treatment

Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

Shares of Aldeyra Therapeutics Inc.

plummeted 61.9% toward a 3 1/2-year low in very active morning trading Monday, enough to pace the Nasdaq’s decliners, after the Massachusetts-based biotechnology company said the U.S. Food and Drug Administration identified “substantive review issues” with the new dug application for its dry-eye disease treatment reproxalap. Trading volume ballooned to 12.3 million shares, compared with the full-day average of about 566,000 shares.

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