Amylyx Pharmaceuticals (NASDAQ:AMLX) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Amylyx Pharmaceuticals (NASDAQ:AMLX) from a neutral rating to a buy rating in a report published on Wednesday, Marketbeat reports. They currently have $10.00 target price on the stock, up from their prior target price of $4.20.

A number of other brokerages also recently commented on AMLX. The Goldman Sachs Group boosted their target price on Amylyx Pharmaceuticals from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Leerink Partners set a $4.00 price target on Amylyx Pharmaceuticals and gave the stock a “market perform” rating in a research note on Friday, October 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Amylyx Pharmaceuticals in a research note on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Amylyx Pharmaceuticals has an average rating of “Hold” and a consensus target price of $14.57.

Amylyx Pharmaceuticals Price Performance

Shares of NASDAQ AMLX opened at $4.96 on Wednesday. The business’s 50-day moving average price is $2.93 and its two-hundred day moving average price is $2.26. Amylyx Pharmaceuticals has a one year low of $1.58 and a one year high of $19.95. The company has a market capitalization of $337.31 million, a P/E ratio of -4.64 and a beta of -0.55.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its earnings results on Thursday, August 8th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.35). Amylyx Pharmaceuticals had a negative net margin of 17.86% and a negative return on equity of 15.51%. The firm had revenue of ($1.02) million during the quarter, compared to analysts’ expectations of $18.83 million. During the same quarter last year, the firm earned $0.31 EPS. On average, equities analysts anticipate that Amylyx Pharmaceuticals will post -2.27 EPS for the current year.

Insider Activity at Amylyx Pharmaceuticals

In other Amylyx Pharmaceuticals news, Director George M. Milne, Jr. bought 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now directly owns 858,571 shares in the company, valued at $1,888,856.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Amylyx Pharmaceuticals news, Director George M. Milne, Jr. bought 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now directly owns 858,571 shares in the company, valued at $1,888,856.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Justin B. Klee sold 18,589 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $3.20, for a total value of $59,484.80. Following the sale, the chief executive officer now owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several large investors have recently added to or reduced their stakes in AMLX. AQR Capital Management LLC raised its holdings in Amylyx Pharmaceuticals by 2,768.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock valued at $6,348,000 after acquiring an additional 3,224,454 shares in the last quarter. Almitas Capital LLC acquired a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at approximately $3,617,000. Acadian Asset Management LLC acquired a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at approximately $2,300,000. Farallon Capital Management LLC acquired a new position in Amylyx Pharmaceuticals in the 1st quarter valued at approximately $3,267,000. Finally, XTX Topco Ltd acquired a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at approximately $400,000. Institutional investors and hedge funds own 95.84% of the company’s stock.

About Amylyx Pharmaceuticals

Amylyx Pharmaceuticals, Inc, a commercial-stage biotechnology company, engages in the discovery and development of treatment for amyotrophic lateral sclerosis (ALS) and neurodegenerative diseases. The company's products include RELYVRIO, a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol for the treatment of ALS in adults in the United States and marketed as ALBRIOZA for the treatment of ALS in Canada.