Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Up 9% – Time to Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) shares shot up 9% during mid-day trading on Tuesday . The stock traded as high as $13.85 and last traded at $13.9110. 199,343 shares were traded during trading, a decline of 84% from the average session volume of 1,263,664 shares. The stock had previously closed at $12.76.

Wall Street Analyst Weigh In

AMLX has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research report on Monday, December 29th. HC Wainwright reissued a “buy” rating and set a $34.00 price objective on shares of Amylyx Pharmaceuticals in a research note on Wednesday, March 25th. Stifel Nicolaus began coverage on Amylyx Pharmaceuticals in a research report on Tuesday, March 3rd. They set a “buy” rating and a $21.00 price objective on the stock. Bank of America lifted their target price on Amylyx Pharmaceuticals from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Finally, Guggenheim raised their price target on Amylyx Pharmaceuticals from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.11.

Amylyx Pharmaceuticals Price Performance

The firm has a market cap of $1.53 billion, a PE ratio of -8.94 and a beta of -0.31. The company has a 50-day simple moving average of $14.42 and a 200-day simple moving average of $13.75.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.01. As a group, equities research analysts predict that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO James M. Frates sold 3,326 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $11.11, for a total transaction of $36,951.86. Following the transaction, the chief financial officer directly owned 177,104 shares of the company’s stock, valued at approximately $1,967,625.44. This trade represents a 1.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Justin B. Klee sold 1,995 shares of Amylyx Pharmaceuticals stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $13.89, for a total transaction of $27,710.55. Following the sale, the chief executive officer directly owned 3,379,398 shares of the company’s stock, valued at $46,939,838.22. This represents a 0.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 151,203 shares of company stock worth $2,028,385 in the last three months. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its position in Amylyx Pharmaceuticals by 954.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,859 shares of the company’s stock valued at $47,000 after purchasing an additional 3,493 shares during the period. Seven Fleet Capital Management LP bought a new position in shares of Amylyx Pharmaceuticals during the fourth quarter valued at approximately $140,000. ADAR1 Capital Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 2.8% during the fourth quarter. ADAR1 Capital Management LLC now owns 890,356 shares of the company’s stock valued at $10,756,000 after purchasing an additional 24,154 shares in the last quarter. XTX Topco Ltd purchased a new position in Amylyx Pharmaceuticals during the fourth quarter valued at approximately $2,291,000. Finally, Voloridge Investment Management LLC bought a new position in Amylyx Pharmaceuticals in the fourth quarter worth approximately $1,853,000. Hedge funds and other institutional investors own 95.84% of the company’s stock.

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.