Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 1-Year High on Analyst Upgrade

Key Points

• Amylyx Pharmaceuticals reached a new 52-week high of $12.40 after an analyst upgrade from Goldman Sachs, which raised its price target from $10.00 to $20.00 and maintained a buy rating on the stock.
• Other brokerages, including Guggenheim and Bank of America, have also increased their price targets for Amylyx, indicating strong market confidence with a consensus target price of $14.50.
• The company has attracted significant interest from hedge funds, with over 95.84% of the stock owned by institutional investors, reflecting increased institutional confidence in its future prospects.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $10.00 to $20.00. The Goldman Sachs Group currently has a buy rating on the stock. Amylyx Pharmaceuticals traded as high as $12.40 and last traded at $12.24, with a volume of 320362 shares trading hands. The stock had previously closed at $11.96.

Several other brokerages have also recently weighed in on AMLX. Guggenheim lifted their price target on Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the company a "buy" rating in a research report on Monday. Bank of America increased their price target on shares of Amylyx Pharmaceuticals from $10.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. TD Cowen assumed coverage on shares of Amylyx Pharmaceuticals in a report on Friday, May 30th. They issued a "buy" rating for the company. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Jefferies Financial Group assumed coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They set a "hold" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Amylyx Pharmaceuticals has an average rating of "Buy" and a consensus target price of $14.50.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System purchased a new stake in shares of Amylyx Pharmaceuticals in the 2nd quarter valued at about $28,000. Valeo Financial Advisors LLC acquired a new position in shares of Amylyx Pharmaceuticals in the 1st quarter valued at $35,000. Alpine Global Management LLC purchased a new stake in Amylyx Pharmaceuticals in the 4th quarter valued at $45,000. R Squared Ltd boosted its stake 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 purchasing an additional 6,366 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new position in Amylyx Pharmaceuticals during the 2nd quarter worth $45,000. 95.84% of the stock is owned by hedge funds and other institutional investors.

Amylyx Pharmaceuticals Price Performance

The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -4.96 and a beta of -0.44. The business's 50 day simple moving average is $8.84 and its 200 day simple moving average is $6.11.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last announced 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). As a group, analysts expect that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

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.

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