Amylyx Pharmaceuticals (NASDAQ:AMLX) Upgraded to Buy by Bank of America

Bank of America upgraded shares of Amylyx Pharmaceuticals (NASDAQ:AMLX - Free Report) from a neutral rating to a buy rating in a research note released on Wednesday, MarketBeat.com reports. Bank of America currently has $10.00 price target on the stock, up from their previous price target of $4.20.

Other research analysts also recently issued research reports about the company. HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of Amylyx Pharmaceuticals in a research note on Friday, October 18th. The Goldman Sachs Group raised their price target on Amylyx Pharmaceuticals from $3.00 to $4.00 and gave the stock a "neutral" rating in a research note on Friday, July 12th. Finally, Leerink Partners set a $4.00 price target on Amylyx Pharmaceuticals and gave the stock a "market perform" rating in a research note on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $14.57.

Amylyx Pharmaceuticals Stock Performance

AMLX stock traded up $0.43 during mid-day trading on Wednesday, reaching $4.96. The company had a trading volume of 2,955,333 shares, compared to its average volume of 2,058,090. The company has a market capitalization of $337.31 million, a price-to-earnings ratio of -4.64 and a beta of -0.55. The firm has a fifty day simple moving average of $2.93 and a 200 day simple moving average of $2.26. Amylyx Pharmaceuticals has a fifty-two week low of $1.58 and a fifty-two week high of $19.95.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of ($1.02) million for the quarter, compared to analyst estimates of $18.83 million. During the same period last year, the business posted $0.31 EPS. As a group, analysts predict that Amylyx Pharmaceuticals will post -2.27 earnings per share for the current year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In related news, Director George M. Milne, Jr. bought 100,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now owns 858,571 shares of the company's stock, valued at $1,888,856.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Camille L. Bedrosian sold 11,442 shares of the firm'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 $36,614.40. Following the completion of the sale, the insider now directly owns 143,801 shares of the company's stock, valued at $460,163.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George M. Milne, Jr. purchased 100,000 shares of Amylyx Pharmaceuticals stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the acquisition, the director now directly owns 858,571 shares in the company, valued at approximately $1,888,856.20. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 11.70% of the company's stock.

Institutional Trading of Amylyx Pharmaceuticals

Several hedge funds have recently modified their holdings of AMLX. AQR Capital Management LLC raised its holdings in Amylyx Pharmaceuticals by 2,768.0% during the second quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company's stock worth $6,348,000 after purchasing an additional 3,224,454 shares during the last quarter. Almitas Capital LLC acquired a new position in Amylyx Pharmaceuticals during the second quarter worth $3,617,000. Acadian Asset Management LLC acquired a new position in Amylyx Pharmaceuticals during the second quarter worth $2,300,000. Farallon Capital Management LLC acquired a new position in Amylyx Pharmaceuticals during the first quarter worth $3,267,000. Finally, XTX Topco Ltd acquired a new position in Amylyx Pharmaceuticals during the second quarter worth $400,000. 95.84% of the stock is owned by institutional investors and hedge funds.

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.