Amylyx Pharmaceuticals (NASDAQ:AMLX) Coverage Initiated at Citigroup

Citigroup assumed coverage on shares of Amylyx Pharmaceuticals (NASDAQ:AMLX - Free Report) in a research note released on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $12.00 price objective on the stock.

Several other analysts also recently issued reports on the company. Leerink Partnrs upgraded Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Mizuho upped their price target on Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. HC Wainwright upped their price target on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. TD Cowen assumed coverage on Amylyx Pharmaceuticals in a research note on Friday, May 30th. They set a "buy" rating for the company. Finally, Wall Street Zen cut Amylyx Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $10.14.

Amylyx Pharmaceuticals Trading Down 4.3%

NASDAQ AMLX traded down $0.23 on Tuesday, reaching $5.10. The stock had a trading volume of 908,521 shares, compared to its average volume of 1,200,629. The business has a 50 day moving average price of $4.86 and a 200 day moving average price of $4.14. Amylyx Pharmaceuticals has a 1 year low of $1.62 and a 1 year high of $7.27. The company has a market capitalization of $454.61 million, a price-to-earnings ratio of -1.64 and a beta of -0.59.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.42) EPS for the quarter, beating analysts' consensus estimates of ($0.45) by $0.03. On average, analysts anticipate that Amylyx Pharmaceuticals will post -2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In other news, CEO Joshua B. Cohen sold 21,490 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $3.47, for a total value of $74,570.30. Following the completion of the transaction, the chief executive officer now directly owns 3,355,280 shares of the company's stock, valued at approximately $11,642,821.60. This represents a 0.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James M. Frates sold 10,896 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $3.47, for a total value of $37,809.12. Following the completion of the transaction, the chief financial officer now directly owns 290,988 shares of the company's stock, valued at approximately $1,009,728.36. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,811 shares of company stock valued at $155,494 in the last quarter. Corporate insiders own 11.70% of the company's stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently modified their holdings of AMLX. Blue Trust Inc. raised its holdings in shares of Amylyx Pharmaceuticals by 232.1% in the 4th quarter. Blue Trust Inc. now owns 6,987 shares of the company's stock worth $26,000 after buying an additional 4,883 shares in the last quarter. Valeo Financial Advisors LLC bought a new stake in Amylyx Pharmaceuticals during the 1st quarter worth approximately $35,000. Fox Run Management L.L.C. bought a new stake in Amylyx Pharmaceuticals during the 4th quarter worth approximately $45,000. Alpine Global Management LLC bought a new stake in Amylyx Pharmaceuticals during the 4th quarter worth approximately $45,000. Finally, R Squared Ltd grew its position in Amylyx Pharmaceuticals by 99.9% during the 1st quarter. R Squared Ltd now owns 12,736 shares of the company's stock worth $45,000 after acquiring an additional 6,366 shares during the last quarter. 95.84% of the stock is owned by institutional investors and hedge funds.

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.