Amylyx Pharmaceuticals (NASDAQ:AMLX) Sets New 12-Month High - Here's Why

Key Points

• Amylyx Pharmaceuticals' shares reached a new 52-week high of $9.99, closing at $9.98 with a trading volume of 2,496,608 shares.
• Analysts have a positive outlook on the stock, with a consensus rating of "Buy" and an average price target of $12.25.
• Recent hedge fund activity indicates strong institutional interest, with over 95% of the stock owned by hedge funds and institutional investors.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $9.99 and last traded at $9.98, with a volume of 2496608 shares changing hands. The stock had previously closed at $9.38.

Analysts Set New Price Targets

A number of research analysts have recently commented on AMLX shares. Bank of America upped their price target on Amylyx Pharmaceuticals from $10.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. The Goldman Sachs Group upgraded shares of Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 price target on the stock in a research report on Thursday, July 10th. TD Cowen assumed coverage on shares of Amylyx Pharmaceuticals in a research report on Friday, May 30th. They set a "buy" rating for the company. Finally, Guggenheim initiated coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They set a "buy" rating and a $17.00 target price on the stock. Two investment 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 stock. Based on data from MarketBeat, Amylyx Pharmaceuticals currently has a consensus rating of "Buy" and an average target price of $12.25.

Amylyx Pharmaceuticals Stock Up 2.5%

The stock has a fifty day simple moving average of $8.15 and a 200-day simple moving average of $5.70. The company has a market capitalization of $909.53 million, a P/E ratio of -4.08 and a beta of -0.44.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.02). Analysts predict that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current fiscal year.

Institutional Trading of Amylyx Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. raised its holdings in shares of 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. Perceptive Advisors LLC grew its stake in shares of Amylyx Pharmaceuticals by 0.4% during the second quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company's stock valued at $50,654,000 after purchasing an additional 28,017 shares during the last quarter. Saturn V Capital Management LP increased its holdings in shares of Amylyx Pharmaceuticals by 34.4% in the second quarter. Saturn V Capital Management LP now owns 3,260,570 shares of the company's stock valued at $20,900,000 after purchasing an additional 834,134 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Amylyx Pharmaceuticals by 418.6% in the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company's stock valued at $10,910,000 after purchasing an additional 2,487,617 shares in the last quarter. Finally, Nantahala Capital Management LLC raised its position 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 last quarter. Institutional investors 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.