Short Interest in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) Declines By 5.2%

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 1,450,000 shares, a decrease of 5.2% from the November 15th total of 1,530,000 shares. Based on an average daily volume of 1,440,000 shares, the days-to-cover ratio is currently 1.0 days. Approximately 3.4% of the company’s stock are sold short.

Insiders Place Their Bets

In other news, insider Camille L. Bedrosian sold 11,442 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $3.20, for a total value of $36,614.40. Following the sale, the insider now directly owns 143,801 shares in the company, valued at approximately $460,163.20. This trade represents a 7.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Justin B. Klee sold 18,589 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $3.20, for a total transaction of $59,484.80. Following the transaction, the chief executive officer now owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. The trade was a 0.59 % decrease in their position. The disclosure for this sale can be found here. 11.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in AMLX. AQR Capital Management LLC lifted its position in Amylyx Pharmaceuticals by 2,768.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock worth $6,348,000 after acquiring an additional 3,224,454 shares during the period. abrdn plc lifted its holdings in shares of Amylyx Pharmaceuticals by 1,567.9% during the third quarter. abrdn plc now owns 1,972,242 shares of the company’s stock worth $6,390,000 after purchasing an additional 1,853,995 shares during the period. Almitas Capital LLC purchased a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $3,617,000. Acadian Asset Management LLC purchased a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $2,300,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Amylyx Pharmaceuticals by 41.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 880,745 shares of the company’s stock valued at $2,854,000 after buying an additional 258,818 shares during the period. Institutional investors and hedge funds own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Stock Performance

NASDAQ AMLX opened at $4.28 on Wednesday. The firm’s fifty day moving average is $5.06 and its two-hundred day moving average is $3.20. Amylyx Pharmaceuticals has a one year low of $1.58 and a one year high of $19.95. The firm has a market cap of $293.39 million, a PE ratio of -1.12 and a beta of -0.68.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AMLX. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of Amylyx Pharmaceuticals in a research note on Thursday, December 5th. Baird R W raised shares of Amylyx Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. Leerink Partners set a $4.00 target price on shares of Amylyx Pharmaceuticals and gave the company a “market perform” rating in a report on Friday, October 18th. Robert W. Baird upgraded shares of Amylyx Pharmaceuticals from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $3.00 to $11.00 in a research note on Monday, November 18th. Finally, Bank of America upgraded shares of Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and upped their price objective for the company from $4.20 to $10.00 in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Amylyx Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $7.33.

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.