Sofinnova Investments Inc. Invests $6.37 Million in Amylyx Pharmaceuticals, Inc. $AMLX

Sofinnova Investments Inc. purchased a new position in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 527,099 shares of the company’s stock, valued at approximately $6,367,000.

Several other institutional investors also recently modified their holdings of AMLX. Millennium Management LLC grew its position 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 period. Goldman Sachs Group Inc. grew its position 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 buying an additional 143,065 shares during the period. JPMorgan Chase & Co. grew its position in shares of Amylyx Pharmaceuticals by 62.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 87,989 shares of the company’s stock worth $564,000 after buying an additional 33,920 shares during the period. Legal & General Group Plc acquired a new stake 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 during the 2nd quarter worth approximately $645,000. Institutional investors and hedge funds own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Stock Performance

Shares of AMLX opened at $15.19 on Tuesday. Amylyx Pharmaceuticals, Inc. has a twelve month low of $4.80 and a twelve month high of $18.60. The firm’s 50 day moving average price is $15.16 and its two-hundred day moving average price is $14.27. The firm has a market cap of $1.69 billion, a P/E ratio of -10.13 and a beta of -0.16.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). On average, sell-side analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -1.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AMLX has been the subject of several analyst reports. Mizuho lifted their price target 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research note on Friday, May 8th. Guggenheim lifted their price objective on shares of Amylyx Pharmaceuticals from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, March 19th. HC Wainwright reissued a “buy” rating and set a $34.00 price objective on shares of Amylyx Pharmaceuticals in a research note on Monday, June 8th. Finally, Stifel Nicolaus started coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, March 3rd. They set a “buy” rating and a $21.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.00.

Amylyx Pharmaceuticals 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.