Amylyx Pharmaceuticals (NASDAQ:AMLX) Reaches New 52-Week High – What’s Next?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $19.26 and last traded at $18.95, with a volume of 121523 shares changing hands. The stock had previously closed at $18.41.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AMLX shares. Wall Street Zen downgraded Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Mizuho upped their target price on shares of Amylyx Pharmaceuticals from $21.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. HC Wainwright reaffirmed a “buy” rating and set a $34.00 target price on shares of Amylyx Pharmaceuticals in a research report on Monday, June 8th. Guggenheim lifted 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. Finally, Weiss Ratings reiterated 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 given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Amylyx Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $24.62.

Amylyx Pharmaceuticals Stock Up 3.4%

The stock has a market cap of $2.12 billion, a PE ratio of -12.69 and a beta of -0.20. The firm has a 50 day moving average price of $15.88 and a 200 day moving average price of $15.19.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last released its quarterly earnings data 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). Equities analysts forecast that Amylyx Pharmaceuticals, Inc. will post -1.4 earnings per share for the current year.

Insider Activity at Amylyx Pharmaceuticals

In other news, insider Gina Mazzariello sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $18.32, for a total value of $274,800.00. Following the completion of the sale, the insider owned 194,090 shares in the company, valued at approximately $3,555,728.80. The trade was a 7.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.90% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several institutional investors have recently bought and sold shares of AMLX. Adage Capital Partners GP L.L.C. increased its holdings in shares of 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 valued at $56,408,000 after acquiring an additional 3,102,395 shares during the period. Millennium Management LLC lifted 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 purchasing an additional 2,487,617 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Amylyx Pharmaceuticals by 76.1% during the 4th quarter. Janus Henderson Group PLC now owns 4,465,872 shares of the company’s stock worth $53,992,000 after purchasing an additional 1,929,639 shares during the last quarter. Paradigm Biocapital Advisors LP bought a new stake in Amylyx Pharmaceuticals during the third quarter valued at about $25,821,000. Finally, Commodore Capital LP boosted its position in Amylyx Pharmaceuticals by 38.6% during the fourth quarter. Commodore Capital LP now owns 5,650,000 shares of the company’s stock valued at $68,252,000 after purchasing an additional 1,574,522 shares in the last quarter. 95.84% of the stock is owned by hedge funds and other institutional investors.

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.