Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Price Up 6.9% – Time to Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) shot up 6.9% during mid-day trading on Monday . The company traded as high as $16.20 and last traded at $15.9810. 1,459,803 shares changed hands during trading, an increase of 15% from the average session volume of 1,272,312 shares. The stock had previously closed at $14.95.

Wall Street Analyst Weigh In

AMLX has been the topic of a number of research reports. Bank of America upped their price target on shares of Amylyx Pharmaceuticals from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research report on Monday, December 29th. Guggenheim boosted their price objective on Amylyx Pharmaceuticals from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, March 19th. Wall Street Zen upgraded Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Stifel Nicolaus assumed coverage on Amylyx Pharmaceuticals in a report on Tuesday, March 3rd. They set a “buy” rating and a $21.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.11.

Amylyx Pharmaceuticals Stock Up 6.9%

The company’s fifty day moving average price is $14.28 and its 200 day moving average price is $13.82. The company has a market capitalization of $1.77 billion, a P/E ratio of -10.31 and a beta of -0.22.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.01. Research analysts predict that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Justin B. Klee sold 1,995 shares of the business’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $13.89, for a total value of $27,710.55. Following the completion of the transaction, the chief executive officer owned 3,379,398 shares of the company’s stock, valued at $46,939,838.22. The trade was a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James M. Frates sold 3,326 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $11.11, for a total transaction of $36,951.86. Following the sale, the chief financial officer directly owned 177,104 shares of the company’s stock, valued at $1,967,625.44. This represents a 1.84% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 151,203 shares of company stock worth $2,028,385. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Landscape Capital Management L.L.C. boosted its position in shares of Amylyx Pharmaceuticals by 17.5% during the 4th quarter. Landscape Capital Management L.L.C. now owns 12,226 shares of the company’s stock worth $148,000 after acquiring an additional 1,825 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Amylyx Pharmaceuticals by 54.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,337 shares of the company’s stock valued at $64,000 after purchasing an additional 1,890 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Amylyx Pharmaceuticals during the fourth quarter worth $25,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Amylyx Pharmaceuticals by 14.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,895 shares of the company’s stock valued at $216,000 after purchasing an additional 2,265 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Amylyx Pharmaceuticals by 13.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 26,988 shares of the company’s stock valued at $326,000 after purchasing an additional 3,198 shares in the last quarter. 95.84% of the stock is currently owned by institutional investors and hedge funds.

Amylyx Pharmaceuticals Company Profile

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.