Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading 7.7% Higher Following Analyst Upgrade

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) shares rose 7.7% on Thursday after Guggenheim raised their price target on the stock from $30.00 to $40.00. Guggenheim currently has a buy rating on the stock. Amylyx Pharmaceuticals traded as high as $18.11 and last traded at $18.31. Approximately 360,731 shares changed hands during trading, a decline of 71% from the average daily volume of 1,253,613 shares. The stock had previously closed at $17.00.

AMLX has been the subject of a number of other research reports. Mizuho lifted their target price on shares of Amylyx Pharmaceuticals from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Stifel Nicolaus began coverage on Amylyx Pharmaceuticals in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $21.00 price target on the stock. Wall Street Zen lowered Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. HC Wainwright reiterated a “buy” rating and set a $34.00 price objective on shares of Amylyx Pharmaceuticals in a research report on Monday, June 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. 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. Perceptive Advisors LLC increased its position in Amylyx Pharmaceuticals by 0.4% in the second quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company’s stock worth $50,654,000 after buying an additional 28,017 shares in the last quarter. TCG Crossover Management LLC increased its position in Amylyx Pharmaceuticals by 5.0% in the third quarter. TCG Crossover Management LLC now owns 6,243,812 shares of the company’s stock worth $84,853,000 after buying an additional 300,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Amylyx Pharmaceuticals by 10.1% in the fourth quarter. Vanguard Group Inc. now owns 5,804,912 shares of the company’s stock worth $70,123,000 after buying an additional 531,162 shares during the period. Finally, Commodore Capital LP lifted its position in shares of Amylyx Pharmaceuticals by 38.6% during the 4th 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. 95.84% of the stock is currently owned by hedge funds and other institutional investors.

Amylyx Pharmaceuticals Stock Performance

The stock has a 50-day moving average price of $15.11 and a two-hundred day moving average price of $14.34. The stock has a market capitalization of $2.04 billion, a PE ratio of -12.16 and a beta of -0.16.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last released its earnings results on Thursday, May 7th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.03). As a group, equities analysts predict that Amylyx Pharmaceuticals, Inc. will post -1.4 earnings per share for the current year.

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.