Amylyx Pharmaceuticals (NASDAQ:AMLX) Reaches New 1-Year High - Still a Buy?

Key Points

• Amylyx Pharmaceuticals' shares reached a new 52-week high of $9.51, closing at $9.45 with a trading volume of over 2.1 million shares.
• Multiple analysts upgraded their ratings on the stock, with a consensus target price of $11.75 and most analysts rating it as "Buy."
• The company's market capitalization is approximately $842.66 million, and it reported a quarterly earnings miss, with an EPS of ($0.46) against estimates of ($0.44).

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $9.51 and last traded at $9.45, with a volume of 2120794 shares. The stock had previously closed at $9.16.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Leerink Partners upgraded Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and raised their price target for the company from $4.00 to $10.00 in a research note on Wednesday, May 7th. Guggenheim assumed coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 24th. They issued a "buy" rating and a $17.00 price objective for the company. HC Wainwright increased their target price on shares of Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, TD Cowen initiated coverage on shares of Amylyx Pharmaceuticals in a research report on Friday, May 30th. They set a "buy" rating 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 issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $11.75.

Amylyx Pharmaceuticals Price Performance

The firm has a market capitalization of $842.66 million, a P/E ratio of -3.78 and a beta of -0.46. The stock's fifty day simple moving average is $7.60 and its 200 day simple moving average is $5.40.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last released its quarterly 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, sell-side analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

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

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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