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

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its target price increased by analysts at HC Wainwright from $28.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 141.13% from the company’s current price.

AMLX has been the topic of several other research reports. Bank of America upped their price objective on shares of Amylyx Pharmaceuticals from $15.00 to $19.00 and gave the company a “buy” rating in a report on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research note on Monday, December 29th. Stifel Nicolaus began coverage on Amylyx Pharmaceuticals in a report on Tuesday. They issued a “buy” rating and a $21.00 price target on the stock. Finally, Wall Street Zen lowered Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.56.

Amylyx Pharmaceuticals Stock Down 6.3%

Shares of AMLX stock opened at $14.10 on Wednesday. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -9.10 and a beta of -0.31. Amylyx Pharmaceuticals has a 52 week low of $3.11 and a 52 week high of $17.49. The firm has a 50 day moving average of $13.91 and a 200-day moving average of $13.17.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last released its earnings results on Tuesday, March 3rd. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.01. Analysts anticipate that Amylyx Pharmaceuticals will post -2.2 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Karen Firestone purchased 8,100 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The stock was acquired at an average cost 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 $785,595. This represents a 14.73% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joshua B. Cohen sold 136,193 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $13.59, for a total value of $1,850,862.87. Following the sale, the chief executive officer directly owned 3,378,621 shares of the company’s stock, valued at approximately $45,915,459.39. This represents a 3.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 151,203 shares of company stock worth $2,028,385 over the last three months. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. Commodore Capital LP purchased a new position in Amylyx Pharmaceuticals in the third quarter valued at approximately $55,386,000. First Light Asset Management LLC bought a new stake in shares of Amylyx Pharmaceuticals in the third quarter valued at $45,606,000. Adage Capital Partners GP L.L.C. lifted its position in shares of Amylyx Pharmaceuticals by 54.5% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company’s stock valued at $56,408,000 after buying an additional 3,102,395 shares during the last quarter. Millennium Management LLC grew its stake in shares of Amylyx Pharmaceuticals by 418.6% during the 1st quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock worth $10,910,000 after acquiring an additional 2,487,617 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of Amylyx Pharmaceuticals by 76.1% during the 4th quarter. Janus Henderson Group PLC now owns 4,465,872 shares of the company’s stock worth $53,992,000 after acquiring an additional 1,929,639 shares during the period. Institutional investors own 95.84% of the company’s stock.

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.