Analysts Set Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) Price Target at $11.75

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) have been assigned an average recommendation of “Buy” from the thirteen brokerages that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $12.25.

Several equities research analysts have recently weighed in on the company. Guggenheim assumed coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They issued a “buy” rating and a $17.00 price objective for the company. Citigroup assumed coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 17th. They issued a “buy” rating and a $12.00 price objective for the company. Leerink Partners raised Amylyx Pharmaceuticals from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $4.00 to $10.00 in a research report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They issued a “hold” rating for the company. Finally, HC Wainwright increased their price objective on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 9th.

Amylyx Pharmaceuticals Stock Down 0.4%

Shares of Amylyx Pharmaceuticals stock opened at $9.38 on Thursday. The stock has a market capitalization of $836.41 million, a P/E ratio of -3.75 and a beta of -0.45. The stock has a 50 day moving average price of $7.86 and a two-hundred day moving average price of $5.55. Amylyx Pharmaceuticals has a 12-month low of $2.08 and a 12-month high of $9.72.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its earnings results on Thursday, August 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.02). Sell-side analysts anticipate that Amylyx Pharmaceuticals will post -2.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AMLX. Adage Capital Partners GP L.L.C. acquired a new position in shares of Amylyx Pharmaceuticals in the first quarter valued at $20,170,000. Millennium Management LLC raised its stake in shares of Amylyx Pharmaceuticals by 418.6% in the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock valued at $10,910,000 after purchasing an additional 2,487,617 shares in the last quarter. Boxer Capital Management LLC acquired a new position in shares of Amylyx Pharmaceuticals in the fourth quarter valued at $6,615,000. Woodline Partners LP acquired a new position in shares of Amylyx Pharmaceuticals in the first quarter valued at $5,697,000. Finally, Bank of America Corp DE raised its stake in shares of Amylyx Pharmaceuticals by 165.9% in the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company’s stock valued at $9,171,000 after purchasing an additional 1,513,748 shares in the last quarter. 95.84% of the stock is currently owned by institutional investors and hedge funds.

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.