abrdn plc Sells 249,437 Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)

abrdn plc lessened its position in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Free Report) by 12.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,722,805 shares of the company's stock after selling 249,437 shares during the period. abrdn plc owned approximately 2.51% of Amylyx Pharmaceuticals worth $6,512,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in AMLX. Alpha Wave Global LP bought a new stake in shares of Amylyx Pharmaceuticals during the third quarter worth approximately $2,169,000. Walleye Capital LLC boosted its holdings in shares of Amylyx Pharmaceuticals by 986.5% during the third quarter. Walleye Capital LLC now owns 670,594 shares of the company's stock worth $2,173,000 after acquiring an additional 608,874 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Amylyx Pharmaceuticals by 41.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 880,745 shares of the company's stock worth $2,854,000 after acquiring an additional 258,818 shares during the period. FMR LLC boosted its holdings in shares of Amylyx Pharmaceuticals by 292.0% during the third quarter. FMR LLC now owns 221,001 shares of the company's stock worth $716,000 after acquiring an additional 164,622 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Amylyx Pharmaceuticals by 144.4% during the third quarter. JPMorgan Chase & Co. now owns 140,559 shares of the company's stock worth $455,000 after acquiring an additional 83,048 shares during the period. Institutional investors own 95.84% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. HC Wainwright reiterated a "buy" rating and issued a $12.00 price target on shares of Amylyx Pharmaceuticals in a research note on Thursday, December 5th. Bank of America upgraded Amylyx Pharmaceuticals from a "neutral" rating to a "buy" rating and boosted their price target for the company from $4.20 to $10.00 in a research note on Wednesday, October 23rd. Baird R W upgraded Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 18th. Leerink Partners set a $4.00 price target on Amylyx Pharmaceuticals and gave the company a "market perform" rating in a research note on Friday, October 18th. Finally, Robert W. Baird upgraded Amylyx Pharmaceuticals from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $3.00 to $11.00 in a research note on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Amylyx Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $7.33.

Amylyx Pharmaceuticals Trading Up 3.8 %

NASDAQ:AMLX traded up $0.13 during trading hours on Wednesday, hitting $3.53. 654,172 shares of the company were exchanged, compared to its average volume of 939,963. The stock has a market capitalization of $241.98 million, a price-to-earnings ratio of -0.92 and a beta of -0.54. Amylyx Pharmaceuticals, Inc. has a one year low of $1.58 and a one year high of $19.95. The company has a fifty day simple moving average of $3.88 and a 200 day simple moving average of $3.72.

Insider Activity

In other Amylyx Pharmaceuticals news, CEO Joshua B. Cohen sold 11,851 shares of Amylyx Pharmaceuticals stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $3.47, for a total transaction of $41,122.97. Following the completion of the transaction, the chief executive officer now owns 3,201,247 shares in the company, valued at approximately $11,108,327.09. The trade was a 0.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Justin B. Klee sold 7,471 shares of Amylyx Pharmaceuticals stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.04, for a total value of $30,182.84. Following the transaction, the chief executive officer now owns 3,176,788 shares of the company's stock, valued at $12,834,223.52. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,000 shares of company stock worth $84,142 in the last three months. Company insiders own 11.70% 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.