Amylyx Pharmaceuticals (NASDAQ:AMLX) Hits New 12-Month High - Still a Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $8.72 and last traded at $8.44, with a volume of 185921 shares changing hands. The stock had previously closed at $8.34.

Analysts Set New Price Targets

Several brokerages have issued reports on AMLX. TD Cowen started coverage on shares of Amylyx Pharmaceuticals in a research note on Friday, May 30th. They set a "buy" rating on the stock. Leerink Partnrs upgraded shares of Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Citigroup initiated coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, June 17th. They set a "buy" rating and a $12.00 price target for the company. HC Wainwright raised their price objective 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, The Goldman Sachs Group raised shares of Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 price objective for the company in a report on Thursday, July 10th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.75.

Amylyx Pharmaceuticals Stock Performance

The firm's 50-day simple moving average is $6.18 and its 200 day simple moving average is $4.63. The company has a market cap of $739.86 million, a P/E ratio of -2.67 and a beta of -0.49.

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

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new position in shares of Amylyx Pharmaceuticals in the 1st quarter valued at $20,170,000. Millennium Management LLC boosted its stake in Amylyx Pharmaceuticals by 418.6% in the 1st quarter. Millennium Management LLC now owns 3,081,853 shares of the company's stock worth $10,910,000 after purchasing an additional 2,487,617 shares during the period. Nantahala Capital Management LLC boosted its stake in Amylyx Pharmaceuticals by 102.1% in the 1st quarter. Nantahala Capital Management LLC now owns 2,934,405 shares of the company's stock worth $10,388,000 after purchasing an additional 1,482,252 shares during the period. Aberdeen Group plc boosted its stake in Amylyx Pharmaceuticals by 41.1% in the 1st quarter. Aberdeen Group plc now owns 2,430,358 shares of the company's stock worth $8,603,000 after purchasing an additional 707,553 shares during the period. Finally, Bank of America Corp DE boosted its stake in Amylyx Pharmaceuticals by 165.9% in the 4th quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock worth $9,171,000 after purchasing an additional 1,513,748 shares during the period. 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.