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

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)’s share price shot up 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. 360,731 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,253,613 shares. The stock had previously closed at $17.00.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AMLX. Commodore Capital LP purchased a new position in shares of Amylyx Pharmaceuticals during the third quarter valued at about $55,386,000. First Light Asset Management LLC bought a new position in Amylyx Pharmaceuticals during the third quarter valued at approximately $45,606,000. Adage Capital Partners GP L.L.C. boosted its stake in 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 valued at $56,408,000 after buying an additional 3,102,395 shares during the last quarter. Millennium Management LLC grew its holdings in Amylyx Pharmaceuticals by 418.6% during the 1st quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock valued at $10,910,000 after buying an additional 2,487,617 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Amylyx Pharmaceuticals by 76.1% during the 4th quarter. Janus Henderson Group PLC now owns 4,465,872 shares of the company’s stock valued at $53,992,000 after buying an additional 1,929,639 shares in the last quarter. Institutional investors own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Trading Up 7.8%

The stock has a 50 day simple moving average of $15.11 and a 200-day simple moving average of $14.34. The firm has a market cap of $2.04 billion, a P/E ratio of -12.16 and a beta of -0.16.

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