Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading Up 6.4% – Should You Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) shares rose 6.4% on Tuesday . The company traded as high as $5.76 and last traded at $5.79. Approximately 419,377 shares were traded during trading, a decline of 65% from the average daily volume of 1,199,686 shares. The stock had previously closed at $5.44.

Analyst Upgrades and Downgrades

Several analysts have commented on AMLX shares. HC Wainwright lifted their target price on shares of Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Mizuho raised their target price on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, May 14th. Leerink Partners raised shares of Amylyx Pharmaceuticals from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $4.00 to $10.00 in a report on Wednesday, May 7th. Leerink Partnrs upgraded Amylyx Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 6th. Finally, TD Cowen assumed coverage on shares of Amylyx Pharmaceuticals in a report on Friday, May 30th. They set a “buy” rating for the company. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $9.83.

Amylyx Pharmaceuticals Stock Performance

The business’s 50-day moving average is $4.61 and its two-hundred day moving average is $4.13. The firm has a market capitalization of $507.66 million, a price-to-earnings ratio of -1.49 and a beta of -0.59.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.03. Analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In other news, Director Bernhardt G. Zeiher purchased 10,000 shares of Amylyx Pharmaceuticals stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $3.70 per share, for a total transaction of $37,000.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $37,000. This trade represents a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joshua B. Cohen sold 21,490 shares of Amylyx Pharmaceuticals stock in a transaction on Monday, March 31st. The stock was sold at an average price of $3.47, for a total value of $74,570.30. Following the sale, the chief executive officer now directly owns 3,355,280 shares of the company’s stock, valued at $11,642,821.60. This represents a 0.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,811 shares of company stock worth $155,494 over the last 90 days. Company insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently bought and sold shares of AMLX. Woodline Partners LP acquired a new position in Amylyx Pharmaceuticals in the 1st quarter valued at $5,697,000. Goldman Sachs Group Inc. grew its holdings in shares of Amylyx Pharmaceuticals by 7.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,002,961 shares of the company’s stock worth $7,090,000 after purchasing an additional 143,065 shares in the last quarter. Millennium Management LLC increased its position in shares of Amylyx Pharmaceuticals by 418.6% in the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock worth $10,910,000 after purchasing an additional 2,487,617 shares during the period. Allostery Investments LP acquired a new position in Amylyx Pharmaceuticals in the first quarter valued at about $942,000. Finally, Almitas Capital LLC increased its holdings in Amylyx Pharmaceuticals by 4.4% in the 1st quarter. Almitas Capital LLC now owns 2,122,597 shares of the company’s stock valued at $7,514,000 after buying an additional 90,227 shares during the period. 95.84% of the stock is owned by institutional investors.

Amylyx Pharmaceuticals Company Profile

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.