Amylyx Pharmaceuticals (NASDAQ:AMLX) Upgraded by Wolfe Research to “Strong-Buy” Rating

Wolfe Research upgraded shares of Amylyx Pharmaceuticals (NASDAQ:AMLX) to a strong-buy rating in a report published on Monday,Zacks.com reports.

AMLX has been the subject of several other reports. Wall Street Zen cut Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. HC Wainwright boosted their target price on Amylyx Pharmaceuticals from $34.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup upped their price target on Amylyx Pharmaceuticals from $20.00 to $26.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Mizuho set a $42.00 price target on shares of Amylyx Pharmaceuticals in a research note on Tuesday. Finally, Guggenheim raised their price objective on shares of Amylyx Pharmaceuticals from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Amylyx Pharmaceuticals has an average rating of “Buy” and an average target price of $30.25.

Amylyx Pharmaceuticals Trading Up 63.8%

Shares of AMLX opened at $35.11 on Monday. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -24.55 and a beta of -0.21. The firm’s fifty day simple moving average is $18.88 and its 200-day simple moving average is $16.19. Amylyx Pharmaceuticals has a twelve month low of $7.63 and a twelve month high of $35.39.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its earnings results on Thursday, August 6th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). On average, analysts predict that Amylyx Pharmaceuticals will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In related news, insider Gina Mazzariello sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $18.32, for a total value of $274,800.00. Following the completion of the sale, the insider directly owned 194,090 shares of the company’s stock, valued at $3,555,728.80. This represents a 7.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.90% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently modified their holdings of AMLX. BlackRock Inc. acquired a new stake in Amylyx Pharmaceuticals during the 2nd quarter worth $158,534,000. Jupiter Topco LLC purchased a new stake in shares of Amylyx Pharmaceuticals in the second quarter valued at about $94,014,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Amylyx Pharmaceuticals by 54.5% during the second quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company’s stock worth $56,408,000 after buying an additional 3,102,395 shares during the period. Millennium Management LLC grew its holdings in shares of Amylyx Pharmaceuticals by 418.6% during the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock worth $10,910,000 after buying an additional 2,487,617 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Amylyx Pharmaceuticals by 76.1% during the fourth quarter. Janus Henderson Group PLC now owns 4,465,872 shares of the company’s stock worth $53,992,000 after buying an additional 1,929,639 shares during the last quarter. 95.84% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Amylyx Pharmaceuticals

Here are the key news stories impacting Amylyx Pharmaceuticals this week:

• Positive Sentiment: Phase 3 success provides a major catalyst. Avexitide met both the trial’s primary and secondary endpoints, reducing episodes of dangerously low blood sugar in patients who developed PBH following weight-loss surgery. The results strengthen the case for regulatory approval and potential commercialization. Reuters article
• Positive Sentiment: Analyst support increased following the trial announcement. H.C. Wainwright raised its price target from $34 to $55 and maintained a “buy” rating, reflecting greater confidence in avexitide’s commercial opportunity. Street Insider article
• Positive Sentiment: Investor expectations for commercialization have risen. Coverage characterized avexitide as moving closer to the market, helping drive unusually heavy trading activity and the stock’s sharp advance. Yahoo Finance article
• Neutral Sentiment: Trading in AMLX was temporarily halted for pending news before the trial results were released, highlighting the market-moving significance of the announcement. The company is expected to provide additional details through its clinical update and conference call. Business Wire article
• Negative Sentiment: Valuation and execution risks have increased after the sharp rally. Some commentary argued that investors should consider selling because the trial result may already be reflected in the stock. Avexitide still faces regulatory review, launch execution, and commercial-uptake risks; Mizuho’s $30 “outperform” target is below the current trading level. Invezz article

About Amylyx Pharmaceuticals

At Amylyx, our mission is to usher in a new era of treating diseases with high unmet needs.