Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 52-Week High After Analyst Upgrade

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)’s stock price reached a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $20.00 to $26.00. Citigroup currently has a buy rating on the stock. Amylyx Pharmaceuticals traded as high as $21.00 and last traded at $20.95, with a volume of 135229 shares. The stock had previously closed at $20.17.

Other equities research analysts have also issued reports about the stock. Mizuho upped their price target on shares of Amylyx Pharmaceuticals from $21.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Wall Street Zen cut Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research note on Friday, May 8th. Guggenheim raised their target price on Amylyx Pharmaceuticals from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $34.00 price target on shares of Amylyx Pharmaceuticals in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.38.

Insider Buying and Selling

In other Amylyx Pharmaceuticals news, insider Gina Mazzariello sold 15,000 shares of Amylyx Pharmaceuticals stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $18.32, for a total value of $274,800.00. Following the completion of the transaction, the insider owned 194,090 shares of the company’s stock, valued at approximately $3,555,728.80. The trade was a 7.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.90% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of AMLX. Adage Capital Partners GP L.L.C. raised its holdings in Amylyx Pharmaceuticals by 54.5% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company’s stock worth $56,408,000 after purchasing an additional 3,102,395 shares during the period. Millennium Management LLC grew its holdings in Amylyx Pharmaceuticals by 418.6% in the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock valued at $10,910,000 after purchasing an additional 2,487,617 shares during the period. Janus Henderson Group PLC grew its holdings in Amylyx Pharmaceuticals by 76.1% in the fourth quarter. Janus Henderson Group PLC now owns 4,465,872 shares of the company’s stock valued at $53,992,000 after purchasing an additional 1,929,639 shares during the period. Paradigm Biocapital Advisors LP purchased a new stake in shares of Amylyx Pharmaceuticals in the third quarter valued at approximately $25,821,000. Finally, Commodore Capital LP increased its position in shares of Amylyx Pharmaceuticals by 38.6% in the fourth quarter. Commodore Capital LP now owns 5,650,000 shares of the company’s stock valued at $68,252,000 after buying an additional 1,574,522 shares in the last quarter. Hedge funds and other institutional investors own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Stock Performance

The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -13.95 and a beta of -0.21. The company has a 50 day moving average price of $16.68 and a two-hundred day moving average price of $15.52.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). On average, equities analysts expect that Amylyx Pharmaceuticals, Inc. will post -1.4 earnings per share for the current fiscal year.

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.

The company’s lead product, AMX0035, is marketed under the trade name Relyvrio following U.S.