Amylyx Pharmaceuticals (NASDAQ:AMLX) Reaches New 1-Year High – Still a Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $8.80 and last traded at $8.86, with a volume of 388570 shares changing hands. The stock had previously closed at $8.43.

Analyst Ratings Changes

Several equities analysts recently issued reports on AMLX shares. Mizuho raised their price target on Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, May 14th. Jefferies Financial Group initiated coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 24th. They issued a “hold” rating on the stock. Guggenheim initiated coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 24th. They set a “buy” rating and a $17.00 target price on the stock. Leerink Partners upgraded Amylyx Pharmaceuticals from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $4.00 to $10.00 in a report on Wednesday, May 7th. Finally, Wall Street Zen upgraded Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $11.75.

Amylyx Pharmaceuticals Price Performance

The company has a market cap of $829.28 million, a price-to-earnings ratio of -3.72 and a beta of -0.46. The stock has a 50-day moving average price of $7.38 and a 200 day moving average price of $5.30.

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

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP acquired a new stake in shares of Amylyx Pharmaceuticals during the fourth quarter worth about $205,000. Bank of America Corp DE raised its position in shares of Amylyx Pharmaceuticals by 165.9% during the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company’s stock worth $9,171,000 after purchasing an additional 1,513,748 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Amylyx Pharmaceuticals during the fourth quarter worth about $793,000. Guggenheim Capital LLC raised its position in Amylyx Pharmaceuticals by 132.9% in the 4th quarter. Guggenheim Capital LLC now owns 35,868 shares of the company’s stock valued at $136,000 after buying an additional 20,470 shares during the last quarter. Finally, Northern Trust Corp raised its position in Amylyx Pharmaceuticals by 11.8% in the 4th quarter. Northern Trust Corp now owns 106,564 shares of the company’s stock valued at $403,000 after buying an additional 11,214 shares during the last quarter. 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.