Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Gap Up on Earnings Beat

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX – Get Rating) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $31.17, but opened at $37.19. Amylyx Pharmaceuticals shares last traded at $36.46, with a volume of 1,121,440 shares changing hands.

The company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.12. The firm had revenue of $21.89 million during the quarter, compared to analyst estimates of $3.05 million.

Analyst Upgrades and Downgrades

Several equities analysts have commented on AMLX shares. Citigroup increased their price target on shares of Amylyx Pharmaceuticals from $51.00 to $54.00 in a research note on Tuesday. Bank of America started coverage on shares of Amylyx Pharmaceuticals in a research note on Thursday, January 5th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and set a $50.00 target price on shares of Amylyx Pharmaceuticals in a research report on Wednesday, February 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.80.

Insider Activity at Amylyx Pharmaceuticals

In related news, major shareholder Morningside Venture Investment sold 50,000 shares of Amylyx Pharmaceuticals stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $34.73, for a total value of $1,736,500.00. Following the transaction, the insider now directly owns 7,530,598 shares in the company, valued at approximately $261,537,668.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Gina Mazzariello sold 3,586 shares of Amylyx Pharmaceuticals stock in a transaction on Friday, February 24th. The shares were sold at an average price of $34.49, for a total value of $123,681.14. Following the transaction, the insider now directly owns 37,414 shares in the company, valued at approximately $1,290,408.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Morningside Venture Investment sold 50,000 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $34.73, for a total value of $1,736,500.00. Following the completion of the sale, the insider now directly owns 7,530,598 shares of the company’s stock, valued at approximately $261,537,668.54. The disclosure for this sale can be found here. Insiders have sold a total of 103,586 shares of company stock worth $3,547,681 in the last three months. Insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. acquired a new stake in Amylyx Pharmaceuticals in the fourth quarter valued at $25,000. Royal Bank of Canada raised its stake in shares of Amylyx Pharmaceuticals by 36.2% during the 3rd quarter. Royal Bank of Canada now owns 1,373 shares of the company’s stock worth $38,000 after buying an additional 365 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Amylyx Pharmaceuticals by 79.6% during the 4th quarter. Wells Fargo & Company MN now owns 1,719 shares of the company’s stock worth $64,000 after buying an additional 762 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Amylyx Pharmaceuticals during the 3rd quarter worth $51,000. Finally, High Net Worth Advisory Group LLC raised its stake in shares of Amylyx Pharmaceuticals by 33.3% during the 3rd quarter. High Net Worth Advisory Group LLC now owns 2,000 shares of the company’s stock worth $56,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 70.55% of the company’s stock.

Amylyx Pharmaceuticals Stock Performance

The firm has a 50 day moving average price of $36.01 and a 200-day moving average price of $34.14.

About Amylyx Pharmaceuticals

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Amylyx Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in developing various therapeutics for amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases. The company's product pipeline includes AMX0035, a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol for the treatment of amyotrophic lateral sclerosis.