Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Gap Up - Here's What Happened

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s stock price gapped up prior to trading 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 trading hands.

Wall Street Analyst Weigh In

AMLX has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on shares of Amylyx Pharmaceuticals in a report on Tuesday. They set a "hold" rating for the company. UBS Group upgraded Amylyx Pharmaceuticals to a "hold" rating in a research note on Tuesday. Leerink Partners raised Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $4.00 to $10.00 in a research report on Wednesday, May 7th. HC Wainwright raised their target price on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Guggenheim started coverage on Amylyx Pharmaceuticals in a report on Tuesday. They issued a "buy" rating and a $17.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Amylyx Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $11.00.

Amylyx Pharmaceuticals Trading Down 2.6%

The business has a 50 day moving average price of $5.13 and a 200-day moving average price of $4.17. The firm has a market capitalization of $564.26 million, a PE ratio of -2.04 and a beta of -0.59.

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 for the quarter, topping analysts' consensus estimates of ($0.45) by $0.03. On average, equities research analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current year.

Insider Activity at Amylyx Pharmaceuticals

In other news, insider Camille L. Bedrosian sold 12,425 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $3.47, for a total value of $43,114.75. Following the sale, the insider now directly owns 194,375 shares in the company, valued at $674,481.25. This represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joshua B. Cohen sold 21,490 shares of the company's stock in a transaction dated 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 trade represents a 0.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,811 shares of company stock valued at $155,494 in the last ninety days. Corporate insiders own 11.70% of the company's stock.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. boosted its holdings in Amylyx Pharmaceuticals by 232.1% in the fourth quarter. Blue Trust Inc. now owns 6,987 shares of the company's stock valued at $26,000 after acquiring an additional 4,883 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Amylyx Pharmaceuticals during the 4th quarter worth approximately $56,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Amylyx Pharmaceuticals by 43.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,263,353 shares of the company's stock valued at $4,775,000 after buying an additional 382,608 shares during the period. Kennondale Capital Management LLC purchased a new stake in Amylyx Pharmaceuticals during the 4th quarter worth $508,000. Finally, American Century Companies Inc. lifted its position in Amylyx Pharmaceuticals by 181.8% during the 4th quarter. American Century Companies Inc. now owns 59,310 shares of the company's stock worth $224,000 after acquiring an additional 38,261 shares in the last quarter. 95.84% of the stock is currently owned by hedge funds and other 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.