Amylyx Pharmaceuticals (NASDAQ:AMLX) Reaches New 1-Year High – Here’s What Happened

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $13.69 and last traded at $13.31, with a volume of 1381314 shares. The stock had previously closed at $13.31.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They set a “hold” rating on the stock. Bank of America raised their price target on shares of Amylyx Pharmaceuticals from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Guggenheim raised their price target on shares of Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, September 15th. TD Cowen initiated coverage on shares of Amylyx Pharmaceuticals in a research note on Friday, May 30th. They issued a “buy” rating on the stock. Finally, UBS Group upgraded shares of Amylyx Pharmaceuticals to a “hold” rating in a research note on Tuesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $14.50.

Amylyx Pharmaceuticals Stock Performance

The firm’s 50 day moving average price is $9.28 and its two-hundred day moving average price is $6.41. The company has a market cap of $1.19 billion, a P/E ratio of -5.32 and a beta of -0.45.

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

Institutional Trading of Amylyx Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. increased its stake in shares of Amylyx Pharmaceuticals by 54.5% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company’s stock valued at $56,408,000 after acquiring an additional 3,102,395 shares in the last quarter. Perceptive Advisors LLC grew its position in Amylyx Pharmaceuticals by 0.4% in the 2nd quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company’s stock valued at $50,654,000 after purchasing an additional 28,017 shares during the period. Saturn V Capital Management LP grew its position in Amylyx Pharmaceuticals by 34.4% in the 2nd quarter. Saturn V Capital Management LP now owns 3,260,570 shares of the company’s stock valued at $20,900,000 after purchasing an additional 834,134 shares during the period. Millennium Management LLC grew its position in Amylyx Pharmaceuticals by 418.6% in the 1st 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 during the period. Finally, Nantahala Capital Management LLC grew its position in Amylyx Pharmaceuticals by 102.1% in the 1st quarter. Nantahala Capital Management LLC now owns 2,934,405 shares of the company’s stock valued at $10,388,000 after purchasing an additional 1,482,252 shares during the period. Institutional investors 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.