Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $29.91 and traded as high as $30.32. Amylyx Pharmaceuticals shares last traded at $30.21, with a volume of 1,297,563 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on AMLX shares. Mizuho boosted their price target on Amylyx Pharmaceuticals from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Tuesday, August 18th. Citigroup raised their price objective on shares of Amylyx Pharmaceuticals from $32.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 15th. HC Wainwright assumed coverage on shares of Amylyx Pharmaceuticals in a report on Thursday, November 5th. They set a “strong-buy” rating for the company. Guggenheim boosted their target price on shares of Amylyx Pharmaceuticals from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Finally, Wolfe Research raised shares of Amylyx Pharmaceuticals to a “strong-buy” rating in a report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $44.14.

Amylyx Pharmaceuticals Trading Up 2.4%

The stock has a 50-day moving average price of $29.91 and a 200 day moving average price of $20.48. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of -20.98 and a beta of -0.09.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.38) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.38). Equities research analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -1.49 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Gina Mazzariello sold 9,536 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $32.46, for a total value of $309,538.56. Following the completion of the sale, the insider directly owned 190,838 shares in the company, valued at $6,194,601.48. The trade was a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director M Jr sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $27.70, for a total value of $831,000.00. Following the transaction, the director directly owned 782,881 shares of the company’s stock, valued at approximately $21,685,803.70. The trade was a 3.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 60,374 shares of company stock valued at $1,815,257 in the last three months. 10.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. purchased a new stake in shares of Amylyx Pharmaceuticals during the third quarter worth about $130,000. Three Bridge Wealth Advisors LLC acquired a new position in shares of Amylyx Pharmaceuticals during the 3rd quarter worth about $194,000. Pictet Asset Management Holding SA raised its position in shares of Amylyx Pharmaceuticals by 1,469.3% during the 3rd quarter. Pictet Asset Management Holding SA now owns 168,985 shares of the company’s stock worth $4,946,000 after purchasing an additional 158,217 shares during the last quarter. Alps Advisors Inc. lifted its stake in Amylyx Pharmaceuticals by 47.9% in the 3rd quarter. Alps Advisors Inc. now owns 166,303 shares of the company’s stock valued at $4,839,000 after buying an additional 53,856 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new position in Amylyx Pharmaceuticals in the 3rd quarter valued at about $590,000. 95.84% of the stock is currently owned by institutional investors and hedge funds.

About Amylyx Pharmaceuticals