Amylyx Pharmaceuticals (NASDAQ:AMLX) Reaches New 12-Month High - Time to Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s share price hit a new 52-week high on Wednesday . The company traded as high as $7.34 and last traded at $7.38, with a volume of 531503 shares traded. The stock had previously closed at $6.98.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on AMLX shares. Leerink Partnrs raised shares of Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. HC Wainwright increased their price objective on shares of Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 9th. 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 research note on Thursday. Wall Street Zen downgraded shares of Amylyx Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, Mizuho increased their price objective on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $11.75.

Amylyx Pharmaceuticals Stock Up 3.9%

The firm has a market cap of $684.60 million, a P/E ratio of -2.47 and a beta of -0.49. The firm's 50-day simple moving average is $5.53 and its 200 day simple moving average is $4.36.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted 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, analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current year.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. Valeo Financial Advisors LLC purchased a new stake in shares of Amylyx Pharmaceuticals in the 1st quarter valued at $35,000. Fox Run Management L.L.C. purchased a new stake in Amylyx Pharmaceuticals during the 4th quarter valued at $45,000. Alpine Global Management LLC purchased a new stake in Amylyx Pharmaceuticals during the 4th quarter valued at $45,000. RPO LLC purchased a new stake in Amylyx Pharmaceuticals during the 4th quarter valued at $46,000. Finally, R Squared Ltd boosted its position in Amylyx Pharmaceuticals by 99.9% during the 1st quarter. R Squared Ltd now owns 12,736 shares of the company's stock valued at $45,000 after buying an additional 6,366 shares during the period. 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.