Amylyx Pharmaceuticals (NASDAQ:AMLX) Rating Increased to Strong-Buy at Leerink Partnrs

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) was upgraded by investment analysts at Leerink Partnrs from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. HC Wainwright reiterated a "buy" rating and set a $12.00 price objective on shares of Amylyx Pharmaceuticals in a report on Wednesday, March 5th. Mizuho raised shares of Amylyx Pharmaceuticals from a "neutral" rating to an "outperform" rating and raised their target price for the company from $3.00 to $7.00 in a research report on Monday, April 7th. Finally, Leerink Partners upgraded Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $4.00 to $10.00 in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $9.00.

Amylyx Pharmaceuticals Price Performance

NASDAQ AMLX opened at $4.86 on Tuesday. The stock has a market capitalization of $432.50 million, a PE ratio of -1.27 and a beta of -0.60. Amylyx Pharmaceuticals has a 1-year low of $1.58 and a 1-year high of $7.27. The business has a 50 day simple moving average of $3.98 and a two-hundred day simple moving average of $4.23.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted its earnings results on Tuesday, March 4th. The company reported ($0.55) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.06). The firm had revenue of ($0.67) million for the quarter. On average, analysts anticipate that Amylyx Pharmaceuticals will post -2.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Amylyx Pharmaceuticals news, Director Bernhardt G. Zeiher purchased 10,000 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $3.70 per share, for a total transaction of $37,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company's stock, valued at $37,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Joshua B. Cohen sold 21,490 shares of the 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 transaction, the chief executive officer now owns 3,355,280 shares in the company, valued at $11,642,821.60. This trade represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,980 shares of company stock valued at $168,627. Company insiders own 11.70% of the company's stock.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Kennondale Capital Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 50.8% in the 1st quarter. Kennondale Capital Management LLC now owns 202,743 shares of the company's stock valued at $718,000 after buying an additional 68,298 shares during the period. Alps Advisors Inc. grew its stake in Amylyx Pharmaceuticals by 22.0% during the 1st quarter. Alps Advisors Inc. now owns 67,597 shares of the company's stock worth $239,000 after buying an additional 12,167 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in Amylyx Pharmaceuticals in the 1st quarter valued at $35,000. China Universal Asset Management Co. Ltd. grew its position in Amylyx Pharmaceuticals by 18.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 17,188 shares of the company's stock worth $61,000 after purchasing an additional 2,653 shares during the last quarter. Finally, Cannon Global Investment Management LLC acquired a new position in Amylyx Pharmaceuticals in the first quarter valued at $90,000. Institutional investors and hedge funds own 95.84% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.