Bank of America Forecasts Strong Price Appreciation for Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its price target upped by equities research analysts at Bank of America from $15.00 to $19.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 35.62% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research note on Monday, December 29th. Lifesci Capital raised shares of Amylyx Pharmaceuticals to a “strong-buy” rating in a research note on Monday, October 27th. Wall Street Zen cut shares of Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, HC Wainwright increased their price target on Amylyx Pharmaceuticals from $20.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Amylyx Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $18.63.

Amylyx Pharmaceuticals Stock Down 0.1%

Shares of AMLX opened at $14.01 on Friday. The business has a 50-day simple moving average of $13.47 and a two-hundred day simple moving average of $12.79. Amylyx Pharmaceuticals has a 52 week low of $2.60 and a 52 week high of $17.49. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -7.78 and a beta of -0.31.

Insider Activity

In other Amylyx Pharmaceuticals news, CFO James M. Frates sold 3,326 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $11.11, for a total transaction of $36,951.86. Following the completion of the transaction, the chief financial officer owned 177,104 shares of the company’s stock, valued at $1,967,625.44. This represents a 1.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Firestone acquired 8,100 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were purchased at an average price of $12.45 per share, with a total value of $100,845.00. Following the transaction, the director owned 63,100 shares of the company’s stock, valued at approximately $785,595. This represents a 14.73% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 157,783 shares of company stock valued at $2,122,808 in the last quarter. Company insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new position in Amylyx Pharmaceuticals during the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Amylyx Pharmaceuticals during the 3rd quarter valued at approximately $48,000. California State Teachers Retirement System purchased a new position in shares of Amylyx Pharmaceuticals in the second quarter valued at $28,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Amylyx Pharmaceuticals by 1,116.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,454 shares of the company’s stock valued at $54,000 after purchasing an additional 4,088 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Amylyx Pharmaceuticals by 54.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,337 shares of the company’s stock worth $64,000 after purchasing an additional 1,890 shares during the last quarter. 95.84% of the stock is owned by institutional investors.

About Amylyx Pharmaceuticals

Amylyx Pharmaceuticals, Inc is a biopharmaceutical company dedicated to developing treatments for rare and debilitating neurological diseases. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company focuses on leveraging novel approaches to target cellular pathways implicated in neurodegeneration. Amylyx’s research platform centers on small-molecule therapies designed to protect neurons and support cellular health in patients with conditions that currently have limited or no disease-modifying treatment options.

The company’s lead product, AMX0035, is marketed under the trade name Relyvrio following U.S.