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

Bank of America upgraded shares of Amylyx Pharmaceuticals (NASDAQ:AMLX) from a neutral rating to a buy rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $10.00 price target on the stock, up from their previous price target of $4.20.

Several other brokerages have also weighed in on AMLX. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Amylyx Pharmaceuticals in a report on Friday, October 18th. Leerink Partners set a $4.00 price objective on Amylyx Pharmaceuticals and gave the company a “market perform” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group upped their price objective on Amylyx Pharmaceuticals from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.57.

Amylyx Pharmaceuticals Stock Performance

Shares of AMLX stock opened at $5.31 on Wednesday. Amylyx Pharmaceuticals has a 1 year low of $1.58 and a 1 year high of $19.95. The stock has a fifty day moving average of $2.98 and a two-hundred day moving average of $2.28. The firm has a market capitalization of $361.11 million, a PE ratio of -4.96 and a beta of -0.55.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its quarterly earnings data 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). The firm had revenue of ($1.02) million during the quarter, compared to analyst estimates of $18.83 million. Amylyx Pharmaceuticals had a negative net margin of 17.86% and a negative return on equity of 15.51%. During the same quarter last year, the company earned $0.31 EPS. Equities research analysts predict that Amylyx Pharmaceuticals will post -2.27 earnings per share for the current fiscal year.

Insider Activity

In related news, Director George M. Milne, Jr. bought 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Amylyx Pharmaceuticals news, CFO James M. Frates purchased 40,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average cost of $2.53 per share, with a total value of $101,200.00. Following the completion of the transaction, the chief financial officer now owns 233,464 shares of the company’s stock, valued at approximately $590,663.92. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director George M. Milne, Jr. purchased 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $2.20 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. 11.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. raised its position in Amylyx Pharmaceuticals by 63.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,094 shares of the company’s stock valued at $42,000 after buying an additional 5,104 shares during the period. Allspring Global Investments Holdings LLC increased its position in Amylyx Pharmaceuticals by 52,575.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,276 shares of the company’s stock worth $43,000 after purchasing an additional 15,247 shares during the last quarter. Algert Global LLC acquired a new position in Amylyx Pharmaceuticals in the 2nd quarter worth about $47,000. CWM LLC increased its position in Amylyx Pharmaceuticals by 104.2% in the 2nd quarter. CWM LLC now owns 28,643 shares of the company’s stock worth $54,000 after purchasing an additional 14,613 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Amylyx Pharmaceuticals by 113.6% in the 2nd quarter. SG Americas Securities LLC now owns 55,836 shares of the company’s stock worth $106,000 after purchasing an additional 29,697 shares during the last quarter. 95.84% of the stock is owned by institutional investors and hedge funds.

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.