Amylyx Pharmaceuticals (NASDAQ:AMLX) Upgraded to “Buy” at Bank of America

Amylyx Pharmaceuticals (NASDAQ:AMLX) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $10.00 price objective on the stock, up from their prior price objective of $4.20. Bank of America‘s target price suggests a potential upside of 104.08% from the company’s current price.

AMLX has been the topic of several other research reports. Leerink Partners set a $4.00 price objective on Amylyx Pharmaceuticals and gave the company a “market perform” rating in a report on Friday, October 18th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Amylyx Pharmaceuticals in a research report on Friday, October 18th. Finally, The Goldman Sachs Group boosted their price target on Amylyx Pharmaceuticals from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Amylyx Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $14.57.

Amylyx Pharmaceuticals Trading Down 1.2 %

AMLX stock opened at $4.90 on Wednesday. The firm has a 50-day moving average price of $2.93 and a 200-day moving average price of $2.26. Amylyx Pharmaceuticals has a 12 month low of $1.58 and a 12 month high of $19.95. The stock has a market capitalization of $333.23 million, a P/E ratio of -4.58 and a beta of -0.55.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.35). Amylyx Pharmaceuticals had a negative net margin of 17.86% and a negative return on equity of 15.51%. The company had revenue of ($1.02) million during the quarter, compared to the consensus estimate of $18.83 million. During the same period in the previous year, the company earned $0.31 EPS. As a group, equities analysts predict that Amylyx Pharmaceuticals will post -2.27 EPS for the current fiscal year.

Insider Transactions at Amylyx Pharmaceuticals

In related news, CEO Justin B. Klee sold 18,589 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $3.20, for a total value of $59,484.80. Following the sale, the chief executive officer now directly owns 3,120,569 shares in the company, valued at $9,985,820.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Amylyx Pharmaceuticals news, CFO James M. Frates purchased 40,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was purchased at an average cost of $2.53 per share, for a total transaction of $101,200.00. Following the acquisition, the chief financial officer now owns 233,464 shares in the company, valued at approximately $590,663.92. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Justin B. Klee sold 18,589 shares of Amylyx Pharmaceuticals stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $3.20, for a total value of $59,484.80. Following the completion of the transaction, the chief executive officer now directly owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Several large investors have recently added to or reduced their stakes in AMLX. Vanguard Group Inc. lifted its stake in Amylyx Pharmaceuticals by 1.4% in the first quarter. Vanguard Group Inc. now owns 5,348,139 shares of the company’s stock valued at $15,189,000 after buying an additional 72,573 shares during the period. AQR Capital Management LLC lifted its position in shares of Amylyx Pharmaceuticals by 2,768.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock valued at $6,348,000 after acquiring an additional 3,224,454 shares during the period. Almitas Capital LLC bought a new position in Amylyx Pharmaceuticals during the second quarter worth $3,617,000. Goldman Sachs Group Inc. boosted its stake in Amylyx Pharmaceuticals by 5.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,256,861 shares of the company’s stock worth $18,501,000 after acquiring an additional 69,733 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Amylyx Pharmaceuticals in the second quarter worth $2,300,000. Institutional investors and hedge funds own 95.84% of the company’s stock.

About Amylyx Pharmaceuticals

Amylyx Pharmaceuticals, Inc, a commercial-stage biotechnology company, engages in the discovery and development of treatment for amyotrophic lateral sclerosis (ALS) and neurodegenerative diseases. The company's products include RELYVRIO, a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol for the treatment of ALS in adults in the United States and marketed as ALBRIOZA for the treatment of ALS in Canada.