Amylyx Pharmaceuticals (NASDAQ:AMLX) Price Target Raised to $28.00

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its target price boosted by equities research analysts at HC Wainwright from $20.00 to $28.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 96.91% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the company. Citigroup lifted their target price on Amylyx Pharmaceuticals from $12.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a report on Monday, December 29th. Wall Street Zen cut Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Lifesci Capital raised shares of Amylyx Pharmaceuticals to a “strong-buy” rating in a report on Monday, October 27th. Finally, Robert W. Baird upped their price target on shares of Amylyx Pharmaceuticals from $10.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.25.

Amylyx Pharmaceuticals Stock Performance

AMLX opened at $14.22 on Tuesday. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -7.90 and a beta of -0.31. The company has a fifty day moving average of $13.38 and a 200 day moving average of $12.43. Amylyx Pharmaceuticals has a fifty-two week low of $2.60 and a fifty-two week high of $17.49.

Insider Buying and Selling

In other news, CFO James M. Frates sold 3,326 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $11.11, for a total value of $36,951.86. Following the completion of the sale, the chief financial officer owned 177,104 shares in the company, valued at approximately $1,967,625.44. This trade represents a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Camille L. Bedrosian sold 6,580 shares of Amylyx Pharmaceuticals stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $14.35, for a total transaction of $94,423.00. Following the transaction, the insider directly owned 175,756 shares of the company’s stock, valued at approximately $2,522,098.60. This represents a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 157,783 shares of company stock valued at $2,122,808 over the last 90 days. 12.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AMLX. Commodore Capital LP bought a new stake in shares of Amylyx Pharmaceuticals during the 3rd quarter worth approximately $55,386,000. First Light Asset Management LLC purchased a new stake in Amylyx Pharmaceuticals in the third quarter worth $45,606,000. Adage Capital Partners GP L.L.C. lifted its position in shares of Amylyx Pharmaceuticals by 54.5% during the second 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 last quarter. Millennium Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 418.6% during 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. Finally, Paradigm Biocapital Advisors LP purchased a new stake in shares of Amylyx Pharmaceuticals during the third quarter valued at $25,821,000. Institutional investors own 95.84% of the company’s stock.

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.