Citigroup Forecasts Strong Price Appreciation for Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its price target lifted by equities research analysts at Citigroup from $12.00 to $20.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 33.78% from the company’s current price.

AMLX has been the topic of a number of other reports. Wall Street Zen upgraded Amylyx Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. The Goldman Sachs Group raised their price objective on Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Jefferies Financial Group assumed coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They set a “hold” rating for the company. Guggenheim lifted 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. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Amylyx Pharmaceuticals in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Amylyx Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.75.

Amylyx Pharmaceuticals Price Performance

NASDAQ:AMLX opened at $14.95 on Friday. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -5.98 and a beta of -0.33. The company has a 50 day moving average price of $11.56 and a 200-day moving average price of $7.76. Amylyx Pharmaceuticals has a 1-year low of $2.60 and a 1-year high of $15.94.

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

Insider Transactions at Amylyx Pharmaceuticals

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

Institutional Trading of Amylyx Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. lifted its stake in 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 worth $56,408,000 after purchasing an additional 3,102,395 shares in the last quarter. Perceptive Advisors LLC increased its holdings in shares of Amylyx Pharmaceuticals by 0.4% in the second 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 last quarter. Saturn V Capital Management LP lifted its position in Amylyx Pharmaceuticals by 34.4% during the second quarter. Saturn V Capital Management LP now owns 3,260,570 shares of the company’s stock worth $20,900,000 after buying an additional 834,134 shares in the last quarter. Millennium Management LLC lifted its position in Amylyx Pharmaceuticals by 418.6% during the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock worth $10,910,000 after buying an additional 2,487,617 shares in the last quarter. Finally, Nantahala Capital Management LLC boosted its stake in Amylyx Pharmaceuticals by 102.1% during the first quarter. Nantahala Capital Management LLC now owns 2,934,405 shares of the company’s stock worth $10,388,000 after buying an additional 1,482,252 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.