Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Gap Up - Time to Buy?

Key Points

• Amylyx Pharmaceuticals shares increased from $15.37 to $15.90 before closing at $15.57, indicating notable market interest and trading volume of 913,422 shares.
• Recent analyst upgrades include a price target increase by Goldman Sachs from $10 to $20 and Guggenheim from $17 to $25, with currently a consensus rating of "Moderate Buy".
• Insider selling has been noted, with CFO James M. Frates and another insider selling significant shares, reflecting a 3.63% and 6.19% decrease in their ownership respectively.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $15.37, but opened at $15.90. Amylyx Pharmaceuticals shares last traded at $15.57, with a volume of 913,422 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on AMLX. The Goldman Sachs Group increased their price objective on shares of Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Guggenheim increased their price target on shares of Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Weiss Ratings reissued a "sell (e+)" rating on shares of Amylyx Pharmaceuticals in a research report on Wednesday, October 8th. Jefferies Financial Group started coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They issued a "hold" rating for the company. Finally, UBS Group upgraded Amylyx Pharmaceuticals to a "hold" rating in a research report on Tuesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Amylyx Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.75.

Amylyx Pharmaceuticals Price Performance

The firm has a market capitalization of $1.36 billion, a P/E ratio of -6.09 and a beta of -0.33. The stock's 50-day simple moving average is $11.71 and its two-hundred day simple moving average is $7.87.

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

Insiders Place Their Bets

In related news, CFO James M. Frates sold 10,558 shares of the stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $14.65, for a total transaction of $154,674.70. Following the completion of the sale, the chief financial officer owned 280,430 shares in the company, valued at approximately $4,108,299.50. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Camille L. Bedrosian sold 12,039 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $14.58, for a total value of $175,528.62. Following the completion of the transaction, the insider directly owned 182,336 shares in the company, valued at approximately $2,658,458.88. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,333 shares of company stock valued at $1,319,495. Insiders own 12.30% of the company's stock.

Institutional Trading of Amylyx Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of AMLX. California State Teachers Retirement System bought a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter valued at about $28,000. Valeo Financial Advisors LLC purchased a new stake in shares of Amylyx Pharmaceuticals in the first quarter worth about $35,000. R Squared Ltd lifted its position in shares of Amylyx Pharmaceuticals by 99.9% in the first quarter. R Squared Ltd now owns 12,736 shares of the company's stock worth $45,000 after buying an additional 6,366 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in Amylyx Pharmaceuticals during the second quarter valued at approximately $45,000. Finally, BNP Paribas Financial Markets grew its holdings in Amylyx Pharmaceuticals by 433.2% during the 2nd 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 in the last quarter. 95.84% of the stock is currently owned by institutional investors.

About Amylyx Pharmaceuticals

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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