Amylyx Pharmaceuticals (NASDAQ:AMLX) Price Target Raised to $16.00

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its target price raised by stock analysts at Bank of America from $14.00 to $16.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 19.23% from the company’s previous close.

AMLX has been the subject of several other reports. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. UBS Group upgraded Amylyx Pharmaceuticals to a “hold” rating in a report on Tuesday, June 24th. Jefferies Financial Group began coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They set a “hold” rating on the stock. The Goldman Sachs Group upped their target price on Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Finally, Citigroup began coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 17th. They issued a “buy” rating and a $12.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.75.

Amylyx Pharmaceuticals Price Performance

AMLX opened at $13.42 on Friday. The firm has a market capitalization of $1.20 billion, a PE ratio of -5.37 and a beta of -0.33. The business’s 50-day moving average is $10.29 and its two-hundred day moving average is $7.02. Amylyx Pharmaceuticals has a 1 year low of $2.60 and a 1 year high of $15.15.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.02). As a group, sell-side analysts expect that Amylyx Pharmaceuticals will post -2.2 EPS for the current year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In other Amylyx Pharmaceuticals news, CFO James M. Frates sold 10,558 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $14.65, for a total transaction of $154,674.70. Following the transaction, the chief financial officer owned 280,430 shares in the company, valued at approximately $4,108,299.50. This represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Justin B. Klee sold 29,975 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $14.38, for a total value of $431,040.50. Following the completion of the sale, the chief executive officer owned 3,325,301 shares of the company’s stock, valued at $47,817,828.38. This trade represents a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,333 shares of company stock worth $1,319,495. 12.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in AMLX. Goldman Sachs Group Inc. lifted its holdings in Amylyx Pharmaceuticals by 7.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,002,961 shares of the company’s stock valued at $7,090,000 after purchasing an additional 143,065 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Amylyx Pharmaceuticals during the first quarter valued at approximately $5,697,000. Invesco Ltd. purchased a new position in shares of Amylyx Pharmaceuticals in the first quarter valued at approximately $162,000. American Century Companies Inc. boosted its stake in shares of Amylyx Pharmaceuticals by 80.4% in the first quarter. American Century Companies Inc. now owns 107,014 shares of the company’s stock worth $379,000 after acquiring an additional 47,704 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Amylyx Pharmaceuticals in the first quarter worth approximately $20,170,000. Institutional investors and hedge funds own 95.84% of the company’s stock.

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.