Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 1-Year High – Still a Buy?

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) hit a new 52-week high during trading on Wednesday . The company traded as high as $16.96 and last traded at $15.29, with a volume of 2749410 shares trading hands. The stock had previously closed at $15.37.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Citigroup increased their target price on shares of Amylyx Pharmaceuticals from $12.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. Bank of America increased their target price on shares of Amylyx Pharmaceuticals from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Guggenheim increased their target price on shares of Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Finally, Jefferies Financial Group assumed coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.75.

Amylyx Pharmaceuticals Stock Performance

The company’s 50-day moving average price is $11.85 and its two-hundred day moving average price is $7.92. The stock has a market cap of $1.36 billion, a PE ratio of -6.12 and a beta of -0.33.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.02). Equities research analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Justin B. Klee sold 29,975 shares of the firm’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $14.38, for a total transaction of $431,040.50. Following the sale, the chief executive officer owned 3,325,301 shares in the company, valued at approximately $47,817,828.38. This trade represents a 0.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James M. Frates sold 10,558 shares of the firm’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $14.65, for a total transaction of $154,674.70. Following the sale, the chief financial officer owned 280,430 shares in the company, valued at approximately $4,108,299.50. This trade represents a 3.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,333 shares of company stock worth $1,319,495. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cannon Global Investment Management LLC purchased a new position in Amylyx Pharmaceuticals in the 1st quarter worth $90,000. China Universal Asset Management Co. Ltd. raised its position in Amylyx Pharmaceuticals by 18.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 17,188 shares of the company’s stock worth $61,000 after purchasing an additional 2,653 shares during the period. Valeo Financial Advisors LLC purchased a new position in Amylyx Pharmaceuticals in the 1st quarter worth $35,000. Alps Advisors Inc. raised its position in Amylyx Pharmaceuticals by 22.0% in the 1st quarter. Alps Advisors Inc. now owns 67,597 shares of the company’s stock worth $239,000 after purchasing an additional 12,167 shares during the period. Finally, Kennondale Capital Management LLC raised its position in Amylyx Pharmaceuticals by 50.8% in the 1st quarter. Kennondale Capital Management LLC now owns 202,743 shares of the company’s stock worth $718,000 after purchasing an additional 68,298 shares during the period. Institutional investors 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.