Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 12-Month High - Here's What Happened

Key Points

• Amylyx Pharmaceuticals' stock reached a new 52-week high of $10.55, closing at $10.44, with a trading volume of over 1.39 million shares.
• Equity analysts have upgraded their target prices for Amylyx, with Bank of America setting a new target of $14.00, while the average target price is now $12.25.
• The company's market capitalization stands at approximately $930.93 million and it currently has a high institutional ownership of 95.84%.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $10.55 and last traded at $10.44, with a volume of 1395524 shares changing hands. The stock had previously closed at $10.20.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. The Goldman Sachs Group upgraded shares of Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 target price for the company in a research report on Thursday, July 10th. Mizuho boosted their target price on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Bank of America boosted their target price on shares of Amylyx Pharmaceuticals from $10.00 to $14.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Jefferies Financial Group started coverage on shares of Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They issued a "hold" rating for the company. Finally, Citigroup started coverage on shares of Amylyx Pharmaceuticals in a report on Tuesday, June 17th. They set a "buy" rating and a $12.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $12.25.

Amylyx Pharmaceuticals Stock Performance

The company has a market capitalization of $930.93 million, a P/E ratio of -4.18 and a beta of -0.45. The firm's fifty day moving average is $8.23 and its 200-day moving average is $5.78.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.46) earnings per share for the quarter, missing analysts' consensus estimates 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.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Marex Group plc acquired a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter valued at $128,000. Perceptive Advisors LLC raised its holdings in Amylyx Pharmaceuticals by 0.4% during the second quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company's stock worth $50,654,000 after buying an additional 28,017 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Amylyx Pharmaceuticals by 433.2% during the second quarter. BNP Paribas Financial Markets now owns 7,267 shares of the company's stock worth $47,000 after buying an additional 5,904 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Amylyx Pharmaceuticals by 54.5% during the second quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company's stock worth $56,408,000 after buying an additional 3,102,395 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Amylyx Pharmaceuticals by 643.6% during the second quarter. Ameriprise Financial Inc. now owns 95,219 shares of the company's stock worth $610,000 after buying an additional 82,414 shares during the last quarter. Institutional investors and hedge funds own 95.84% of the company's stock.

Amylyx Pharmaceuticals Company Profile

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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