Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 1-Year High on Analyst Upgrade

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) reached a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $24.00 to $30.00. Mizuho currently has an outperform rating on the stock. Amylyx Pharmaceuticals traded as high as $28.95 and last traded at $29.8120, with a volume of 3475697 shares traded. The stock had previously closed at $21.43.

A number of other analysts have also recently weighed in on AMLX. Citigroup boosted their price objective on shares of Amylyx Pharmaceuticals from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Wall Street Zen lowered shares of Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Guggenheim increased their price target on shares of Amylyx Pharmaceuticals from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. HC Wainwright reiterated a “buy” rating and issued a $34.00 price objective on shares of Amylyx Pharmaceuticals in a report on Monday, June 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.12.

Insiders Place Their Bets

In other news, insider Gina Mazzariello sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $18.32, for a total value of $274,800.00. Following the sale, the insider directly owned 194,090 shares in the company, valued at $3,555,728.80. The trade was a 7.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 10.90% of the company’s stock.

Institutional Trading of Amylyx Pharmaceuticals

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 418.6% during the 1st quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock worth $10,910,000 after buying an additional 2,487,617 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Amylyx Pharmaceuticals by 7.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,002,961 shares of the company’s stock valued at $7,090,000 after purchasing an additional 143,065 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Amylyx Pharmaceuticals by 62.7% in the second quarter. JPMorgan Chase & Co. now owns 87,989 shares of the company’s stock valued at $564,000 after purchasing an additional 33,920 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter worth approximately $47,000. Finally, Rhumbline Advisers acquired a new stake in shares of Amylyx Pharmaceuticals in the 2nd quarter valued at approximately $645,000. Institutional investors own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Price Performance

The firm has a market capitalization of $3.27 billion, a P/E ratio of -21.17 and a beta of -0.21. The firm’s 50 day moving average is $18.44 and its two-hundred day moving average is $16.04.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). Analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -1.45 EPS 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.