Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Gap Up - What's Next?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $5.02, but opened at $5.42. Amylyx Pharmaceuticals shares last traded at $5.69, with a volume of 509,293 shares traded.

Analyst Ratings Changes

Several equities analysts recently issued reports on AMLX shares. Leerink Partners raised Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and upped their target price for the company from $4.00 to $10.00 in a research report on Wednesday, May 7th. HC Wainwright lifted their target price on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Citigroup began coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, June 17th. They issued a "buy" rating and a $12.00 price objective on the stock. Guggenheim began coverage on Amylyx Pharmaceuticals in a research report on Tuesday. They set a "buy" rating and a $17.00 price target on the stock. Finally, Wall Street Zen cut shares of Amylyx Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.00.

Amylyx Pharmaceuticals Stock Up 20.1%

The stock has a market capitalization of $537.51 million, a price-to-earnings ratio of -1.94 and a beta of -0.59. The stock has a fifty day moving average of $4.98 and a 200-day moving average of $4.12.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.42) EPS for the quarter, beating analysts' consensus estimates of ($0.45) by $0.03. On average, equities analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

Insider Activity at Amylyx Pharmaceuticals

In other Amylyx Pharmaceuticals news, CEO Joshua B. Cohen sold 21,490 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $3.47, for a total transaction of $74,570.30. Following the completion of the transaction, the chief executive officer now owns 3,355,280 shares in the company, valued at approximately $11,642,821.60. This represents a 0.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James M. Frates sold 10,896 shares of Amylyx Pharmaceuticals stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $3.47, for a total transaction of $37,809.12. Following the completion of the sale, the chief financial officer now directly owns 290,988 shares in the company, valued at approximately $1,009,728.36. The trade was a 3.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,811 shares of company stock valued at $155,494 in the last three months. 11.70% of the stock is currently owned by company insiders.

Institutional Trading of Amylyx Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in AMLX. Adage Capital Partners GP L.L.C. acquired a new position in Amylyx Pharmaceuticals during the first quarter worth about $20,170,000. Millennium Management LLC lifted 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 valued at $10,910,000 after buying an additional 2,487,617 shares in the last quarter. Boxer Capital Management LLC acquired a new stake in Amylyx Pharmaceuticals during the 4th quarter valued at $6,615,000. Woodline Partners LP purchased a new position in Amylyx Pharmaceuticals during the first quarter worth $5,697,000. Finally, Bank of America Corp DE lifted its position in shares of Amylyx Pharmaceuticals by 165.9% in the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock valued at $9,171,000 after acquiring an additional 1,513,748 shares in the last quarter. Hedge funds and other institutional investors own 95.84% of the company's stock.

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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