abrdn plc Buys 1,853,995 Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)

abrdn plc increased its holdings in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Free Report) by 1,567.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,972,242 shares of the company's stock after buying an additional 1,853,995 shares during the period. abrdn plc owned 2.90% of Amylyx Pharmaceuticals worth $6,390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Amylyx Pharmaceuticals during the second quarter worth about $156,000. Maven Securities LTD raised its position in shares of Amylyx Pharmaceuticals by 300.0% in the 2nd quarter. Maven Securities LTD now owns 100,000 shares of the company's stock valued at $190,000 after acquiring an additional 75,000 shares during the period. Algert Global LLC bought a new position in Amylyx Pharmaceuticals during the 2nd quarter worth approximately $47,000. Almitas Capital LLC acquired a new position in Amylyx Pharmaceuticals during the second quarter valued at approximately $3,617,000. Finally, AQR Capital Management LLC increased its stake in Amylyx Pharmaceuticals by 2,768.0% in the second quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company's stock valued at $6,348,000 after purchasing an additional 3,224,454 shares in the last quarter. 95.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AMLX shares. The Goldman Sachs Group boosted their price target on shares of Amylyx Pharmaceuticals from $3.00 to $4.00 and gave the company a "neutral" rating in a report on Friday, July 12th. Bank of America raised Amylyx Pharmaceuticals from a "neutral" rating to a "buy" rating and boosted their target price for the company from $4.20 to $10.00 in a research note on Wednesday, October 23rd. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price target on shares of Amylyx Pharmaceuticals in a research report on Friday, October 18th. Finally, Leerink Partners set a $4.00 target price on Amylyx Pharmaceuticals and gave the stock a "market perform" rating in a research note on Friday, October 18th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.57.

Amylyx Pharmaceuticals Stock Up 4.4 %

Amylyx Pharmaceuticals stock traded up $0.24 during mid-day trading on Friday, hitting $5.64. 1,310,615 shares of the stock were exchanged, compared to its average volume of 1,691,171. The stock has a market capitalization of $383.97 million, a price-to-earnings ratio of -2.30 and a beta of -0.71. Amylyx Pharmaceuticals, Inc. has a 12 month low of $1.58 and a 12 month high of $19.95. The firm's fifty day simple moving average is $3.36 and its two-hundred day simple moving average is $2.41.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.35). Amylyx Pharmaceuticals had a negative return on equity of 15.51% and a negative net margin of 17.86%. The company had revenue of ($1.02) million for the quarter, compared to the consensus estimate of $18.83 million. During the same period last year, the company earned $0.31 EPS. As a group, analysts forecast that Amylyx Pharmaceuticals, Inc. will post -3.03 earnings per share for the current fiscal year.

Insider Activity

In other news, Director George M. Milne, Jr. bought 100,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the transaction, the director now directly owns 858,571 shares of the company's stock, valued at $1,888,856.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Amylyx Pharmaceuticals news, Director George M. Milne, Jr. bought 100,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the acquisition, the director now directly owns 858,571 shares of the company's stock, valued at approximately $1,888,856.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James M. Frates purchased 40,000 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average cost of $2.53 per share, for a total transaction of $101,200.00. Following the transaction, the chief financial officer now owns 233,464 shares in the company, valued at $590,663.92. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 11.70% of the company's stock.

Amylyx Pharmaceuticals Company Profile

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.