Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $29.91 and traded as high as $30.32. Amylyx Pharmaceuticals shares last traded at $30.21, with a volume of 1,297,563 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have commented on AMLX. Wolfe Research raised shares of Amylyx Pharmaceuticals to a “strong-buy” rating in a report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research report on Tuesday, November 3rd. Mizuho lifted their price objective on Amylyx Pharmaceuticals from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday. Stifel Nicolaus set a $45.00 price objective on Amylyx Pharmaceuticals in a research note on Thursday, November 5th. Finally, HC Wainwright initiated coverage on Amylyx Pharmaceuticals in a research note on Thursday, November 5th. They issued a “strong-buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Amylyx Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $43.71.

Amylyx Pharmaceuticals Stock Performance

The firm’s fifty day moving average price is $29.81 and its two-hundred day moving average price is $20.63.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.38) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.38). As a group, sell-side analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -1.48 earnings per share for the current year.

Insider Activity

In other Amylyx Pharmaceuticals news, insider Camille Bedrosian sold 10,028 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $32.40, for a total value of $324,907.20. Following the completion of the transaction, the insider owned 278,064 shares in the company, valued at approximately $9,009,273.60. This represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director M Jr sold 30,000 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $27.70, for a total transaction of $831,000.00. Following the sale, the director directly owned 782,881 shares in the company, valued at approximately $21,685,803.70. The trade was a 3.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 60,374 shares of company stock worth $1,815,257. 10.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently bought and sold shares of AMLX. BlackRock Inc. acquired a new stake in Amylyx Pharmaceuticals in the second quarter valued at approximately $158,534,000. Jupiter Topco LLC acquired a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter worth approximately $94,014,000. Siren L.L.C. acquired a new position in shares of Amylyx Pharmaceuticals during the 1st quarter worth approximately $17,097,000. Alyeska Investment Group L.P. acquired a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter worth approximately $18,912,000. Finally, Almitas Capital LLC acquired a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter worth approximately $17,509,000. Hedge funds and other institutional investors own 95.84% of the company’s stock.

About Amylyx Pharmaceuticals

Amylyx Pharmaceuticals, Inc is a biopharmaceutical company dedicated to developing treatments for rare and debilitating neurological diseases. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company focuses on leveraging novel approaches to target cellular pathways implicated in neurodegeneration. Amylyx’s research platform centers on small-molecule therapies designed to protect neurons and support cellular health in patients with conditions that currently have limited or no disease-modifying treatment options.