Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 52-Week High After Analyst Upgrade

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) hit a new 52-week high during trading on Friday after Guggenheim raised their price target on the stock from $30.00 to $40.00. Guggenheim currently has a buy rating on the stock. Amylyx Pharmaceuticals traded as high as $18.74 and last traded at $17.44, with a volume of 3504170 shares traded. The stock had previously closed at $17.00.

A number of other equities analysts have also issued reports on the stock. Mizuho boosted their target price on shares of Amylyx Pharmaceuticals from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Stifel Nicolaus initiated coverage on shares of Amylyx Pharmaceuticals in a report on Tuesday, March 3rd. They issued a “buy” rating and a $21.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $34.00 price target on shares of Amylyx Pharmaceuticals in a research report on Monday, June 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a report on Friday, May 8th. Finally, Wall Street Zen lowered shares of Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV acquired a new stake in Amylyx Pharmaceuticals during the first quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new stake in shares of Amylyx Pharmaceuticals in the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Amylyx Pharmaceuticals in the 3rd quarter worth approximately $48,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of 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 worth $47,000 after buying an additional 3,493 shares in the last quarter. Finally, California State Teachers Retirement System bought a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter worth approximately $28,000. Institutional investors own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Stock Performance

The company has a 50-day moving average of $15.12 and a 200 day moving average of $14.36. The firm has a market cap of $1.94 billion, a P/E ratio of -11.63 and a beta of -0.16.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). Sell-side analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -1.4 EPS for the current fiscal year.

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.