Amylyx Pharmaceuticals (NASDAQ:AMLX) Price Target Raised to $16.00 at Bank of America

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its price objective hoisted by Bank of America from $14.00 to $16.00 in a report issued on Friday,Benzinga reports. Bank of America currently has a buy rating on the stock.

AMLX has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. The Goldman Sachs Group boosted their price objective on Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. Guggenheim upped their target price on Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Jefferies Financial Group initiated coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They set a “hold” rating on the stock. Finally, UBS Group upgraded Amylyx Pharmaceuticals to a “hold” rating in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $14.75.

Amylyx Pharmaceuticals Stock Up 1.0%

NASDAQ:AMLX opened at $13.42 on Friday. Amylyx Pharmaceuticals has a 12-month low of $2.60 and a 12-month high of $15.15. The stock’s 50 day moving average price is $10.29 and its two-hundred day moving average price is $7.00. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -5.37 and a beta of -0.33.

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

Insiders Place Their Bets

In related news, insider Gina Mazzariello sold 8,828 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $14.58, for a total transaction of $128,712.24. Following the completion of the sale, the insider owned 148,141 shares of the company’s stock, valued at $2,159,895.78. This represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Camille L. Bedrosian sold 12,039 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $14.58, for a total transaction of $175,528.62. Following the sale, the insider directly owned 182,336 shares of the company’s stock, valued at approximately $2,658,458.88. This trade represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,333 shares of company stock valued at $1,319,495 over the last 90 days. 12.30% of the stock is owned by company insiders.

Institutional Trading of Amylyx Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. acquired a new stake in Amylyx Pharmaceuticals in the first quarter valued at about $20,170,000. Millennium Management LLC boosted its stake in shares of 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 in the last quarter. Woodline Partners LP bought a new stake in shares of Amylyx Pharmaceuticals during the 1st quarter valued at approximately $5,697,000. Nantahala Capital Management LLC increased its position in Amylyx Pharmaceuticals by 102.1% during the 1st quarter. Nantahala Capital Management LLC now owns 2,934,405 shares of the company’s stock worth $10,388,000 after purchasing an additional 1,482,252 shares in the last quarter. Finally, ADAR1 Capital Management LLC increased its position in Amylyx Pharmaceuticals by 14,615.9% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,471,587 shares of the company’s stock worth $5,209,000 after purchasing an additional 1,461,587 shares in the last quarter. 95.84% of the stock is currently owned by institutional investors.

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.