Citigroup Initiates Coverage on Amylyx Pharmaceuticals (NASDAQ:AMLX)

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

Several other analysts have also recently issued reports on the stock. TD Cowen started coverage on shares of Amylyx Pharmaceuticals in a research note on Friday, May 30th. They set a "buy" rating for the company. Leerink Partnrs upgraded Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Mizuho increased their price target on Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Leerink Partners raised Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $4.00 to $10.00 in a research note on Wednesday, May 7th. Finally, Wall Street Zen cut Amylyx Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $10.14.

Amylyx Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ AMLX traded down $0.05 during midday trading on Tuesday, hitting $5.05. The stock had a trading volume of 1,363,520 shares, compared to its average volume of 1,201,355. 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 $450.16 million, a PE ratio of -1.62 and a beta of -0.59. The stock has a 50 day simple moving average of $4.93 and a 200-day simple moving average of $4.14.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.03. As a group, analysts expect that Amylyx Pharmaceuticals will post -2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In related news, insider Camille L. Bedrosian sold 12,425 shares of Amylyx Pharmaceuticals stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $3.47, for a total value of $43,114.75. Following the completion of the sale, the insider now owns 194,375 shares in the company, valued at approximately $674,481.25. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joshua B. Cohen sold 21,490 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $3.47, for a total value of $74,570.30. Following the completion of the sale, the chief executive officer now directly owns 3,355,280 shares in the company, valued at approximately $11,642,821.60. The trade was a 0.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,811 shares of company stock worth $155,494 over the last quarter. 11.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in Amylyx Pharmaceuticals by 232.1% during the 4th quarter. Blue Trust Inc. now owns 6,987 shares of the company's stock worth $26,000 after acquiring an additional 4,883 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in Amylyx Pharmaceuticals during the first quarter worth about $35,000. Fox Run Management L.L.C. acquired a new stake in shares of Amylyx Pharmaceuticals during the fourth quarter worth about $45,000. Alpine Global Management LLC acquired a new stake in shares of Amylyx Pharmaceuticals during the fourth quarter worth about $45,000. Finally, R Squared Ltd boosted its stake in shares of Amylyx Pharmaceuticals by 99.9% in the first quarter. R Squared Ltd now owns 12,736 shares of the company's stock valued at $45,000 after purchasing an additional 6,366 shares during the period. 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.