HC Wainwright Reiterates “Buy” Rating for Amylyx Pharmaceuticals (NASDAQ:AMLX)

Amylyx Pharmaceuticals (NASDAQ:AMLX)‘s stock had its “buy” rating reiterated by HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $34.00 target price on the stock. HC Wainwright’s price objective indicates a potential upside of 152.41% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research note on Monday, December 29th. Stifel Nicolaus began coverage on shares of Amylyx Pharmaceuticals in a report on Tuesday, March 3rd. They set a “buy” rating and a $21.00 price target for the company. Guggenheim lifted their price target on shares of Amylyx Pharmaceuticals from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Finally, Bank of America upped their price objective on Amylyx Pharmaceuticals from $15.00 to $19.00 and gave the company a “buy” rating in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $20.11.

Amylyx Pharmaceuticals Stock Performance

NASDAQ AMLX opened at $13.47 on Wednesday. The stock’s fifty day moving average is $14.47 and its two-hundred day moving average is $13.69. The firm has a market capitalization of $1.49 billion, a P/E ratio of -8.69 and a beta of -0.31. Amylyx Pharmaceuticals has a fifty-two week low of $3.11 and a fifty-two week high of $17.49.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its 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, sell-side analysts forecast that Amylyx Pharmaceuticals will post -2.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Justin B. Klee sold 1,995 shares of the 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 completion of the transaction, the chief executive officer owned 3,379,398 shares of the company’s stock, valued at approximately $46,939,838.22. This trade represents a 0.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James M. Frates sold 3,326 shares of Amylyx Pharmaceuticals 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 completion of the sale, the chief financial officer owned 177,104 shares of the company’s stock, valued at $1,967,625.44. This trade represents a 1.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 151,203 shares of company stock valued at $2,028,385 over the last 90 days. 12.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AMLX. Meeder Asset Management Inc. purchased a new stake in shares of Amylyx Pharmaceuticals in the 4th quarter valued at $25,000. California State Teachers Retirement System purchased a new position in Amylyx Pharmaceuticals during the 2nd quarter valued at about $28,000. Ameritas Investment Partners Inc. purchased a new position in Amylyx Pharmaceuticals during the 2nd quarter valued at about $45,000. Caitong International Asset Management Co. Ltd grew its position in Amylyx Pharmaceuticals by 954.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,859 shares of the company’s stock valued at $47,000 after acquiring an additional 3,493 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Amylyx Pharmaceuticals by 433.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,267 shares of the company’s stock valued at $47,000 after acquiring an additional 5,904 shares in the last quarter. 95.84% of the stock is currently owned by hedge funds and other institutional investors.

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.