Amylyx Pharmaceuticals (NASDAQ:AMLX) Announces Earnings Results

Key Points

• Amylyx Pharmaceuticals reported a quarterly earnings loss of ($0.46) EPS, falling short of analysts' estimates by $0.02.
• The company’s stock price decreased to $7.64 with a market cap of $681.03 million following the earnings announcement.
• Amylyx has received multiple upgrades from analysts, with the average target price set at $11.75, indicating a consensus rating of "Moderate Buy".

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) issued its earnings results on Thursday, August 7th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.02), Zacks reports.

Amylyx Pharmaceuticals Price Performance

Shares of AMLX traded up $0.11 during mid-day trading on Thursday, reaching $8.41. 540,678 shares of the company's stock were exchanged, compared to its average volume of 1,062,534. The stock has a market capitalization of $749.92 million, a PE ratio of -3.36 and a beta of -0.46. The business's fifty day simple moving average is $7.05 and its 200-day simple moving average is $5.10. Amylyx Pharmaceuticals has a 52-week low of $2.05 and a 52-week high of $8.72.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 target price on the stock in a report on Thursday, July 10th. Jefferies Financial Group assumed coverage on shares of Amylyx Pharmaceuticals in a report on Tuesday, June 24th. They issued a "hold" rating on the stock. Leerink Partnrs raised shares of Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Mizuho raised their target price on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Finally, HC Wainwright increased their price target on shares of Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.75.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Hedge funds have recently modified their holdings of the business. California State Teachers Retirement System purchased a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $28,000. Legal & General Group Plc purchased a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $47,000. New York State Common Retirement Fund purchased a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $140,000. The Manufacturers Life Insurance Company purchased a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $167,000. Finally, American Century Companies Inc. grew its position in Amylyx Pharmaceuticals by 25.6% in the 2nd quarter. American Century Companies Inc. now owns 134,380 shares of the company's stock valued at $861,000 after buying an additional 27,366 shares during the last quarter. 95.84% of the stock is currently owned by hedge funds and other 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.