Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Gap Up - Still a Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $7.68, but opened at $8.02. Amylyx Pharmaceuticals shares last traded at $8.09, with a volume of 458,138 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They set a "hold" rating for the company. TD Cowen assumed coverage on shares of Amylyx Pharmaceuticals in a research note on Friday, May 30th. They issued a "buy" rating for the company. UBS Group upgraded shares of Amylyx Pharmaceuticals to a "hold" rating in a research note on Tuesday, June 24th. Leerink Partners upgraded shares of Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $4.00 to $10.00 in a research note on Wednesday, May 7th. Finally, The Goldman Sachs Group raised shares of Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 target price on the stock in a research report on Thursday, July 10th. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, 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 moving average is $5.73 and its 200 day moving average is $4.45. The stock has a market cap of $738.09 million, a PE ratio of -2.66 and a beta of -0.49.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last announced its quarterly earnings data 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. On average, sell-side analysts predict that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. American Century Companies Inc. increased its stake in Amylyx Pharmaceuticals by 181.8% in the 4th quarter. American Century Companies Inc. now owns 59,310 shares of the company's stock valued at $224,000 after buying an additional 38,261 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Amylyx Pharmaceuticals in the fourth quarter valued at about $205,000. Wellington Management Group LLP purchased a new stake in Amylyx Pharmaceuticals during the fourth quarter worth about $793,000. Bank of America Corp DE boosted its holdings in Amylyx Pharmaceuticals by 165.9% during the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock worth $9,171,000 after buying an additional 1,513,748 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its holdings in Amylyx Pharmaceuticals by 132.9% during the fourth quarter. Guggenheim Capital LLC now owns 35,868 shares of the company's stock worth $136,000 after buying an additional 20,470 shares in the last quarter. 95.84% of the stock is owned by institutional investors and hedge funds.

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.