Amylyx Pharmaceuticals (NASDAQ:AMLX) Upgraded by Robert W. Baird to Outperform Rating

Amylyx Pharmaceuticals (NASDAQ:AMLX) was upgraded by Robert W. Baird from a “neutral” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat reports. The brokerage presently has a $11.00 price objective on the stock, up from their prior price objective of $3.00. Robert W. Baird’s price target indicates a potential upside of 110.73% from the stock’s previous close.

AMLX has been the topic of several other reports. Bank of America upgraded shares of Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and upped their target price for the company from $4.20 to $10.00 in a research report on Wednesday, October 23rd. Leerink Partners set a $4.00 price objective on Amylyx Pharmaceuticals and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, HC Wainwright boosted their target price on Amylyx Pharmaceuticals from $8.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.43.

Amylyx Pharmaceuticals Price Performance

NASDAQ AMLX opened at $5.22 on Monday. Amylyx Pharmaceuticals has a 1-year low of $1.58 and a 1-year high of $19.95. The business has a 50 day simple moving average of $4.22 and a two-hundred day simple moving average of $2.74. The stock has a market capitalization of $357.83 million, a PE ratio of -1.37 and a beta of -0.70.

Insider Transactions at Amylyx Pharmaceuticals

In other news, CEO Justin B. Klee sold 18,589 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $3.20, for a total value of $59,484.80. Following the completion of the transaction, the chief executive officer now directly owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. The trade was a 0.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James M. Frates purchased 40,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was purchased at an average price of $2.53 per share, for a total transaction of $101,200.00. Following the completion of the acquisition, the chief financial officer now directly owns 233,464 shares in the company, valued at approximately $590,663.92. This represents a 20.68 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 11.70% of the company’s stock.

Institutional Trading of Amylyx Pharmaceuticals

A number of institutional investors have recently made changes to their positions in AMLX. Barclays PLC boosted its holdings in Amylyx Pharmaceuticals by 91.1% in the third quarter. Barclays PLC now owns 84,572 shares of the company’s stock worth $274,000 after acquiring an additional 40,319 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Amylyx Pharmaceuticals by 17.5% in the 3rd quarter. Geode Capital Management LLC now owns 551,039 shares of the company’s stock valued at $1,786,000 after purchasing an additional 82,173 shares during the last quarter. Walleye Capital LLC boosted its stake in Amylyx Pharmaceuticals by 986.5% in the 3rd quarter. Walleye Capital LLC now owns 670,594 shares of the company’s stock worth $2,173,000 after purchasing an additional 608,874 shares in the last quarter. Alpha Wave Global LP purchased a new stake in Amylyx Pharmaceuticals during the 3rd quarter worth approximately $2,169,000. Finally, FMR LLC increased its stake in Amylyx Pharmaceuticals by 292.0% during the 3rd quarter. FMR LLC now owns 221,001 shares of the company’s stock valued at $716,000 after purchasing an additional 164,622 shares in the last quarter. 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.