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

Key Points

• Amylyx Pharmaceuticals shares jumped from a closing price of $10.51 to an opening price of $11.50, indicating a notable increase in market interest.
• Wall Street analysts are optimistic about the company, with a consensus rating of "Buy" and an average target price of $12.25, following various upgrades from several firms.
• The company, which focuses on treatments for amyotrophic lateral sclerosis (ALS), has recently seen increased institutional investment, with 95.84% of shares owned by hedge funds and institutional investors.

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $10.51, but opened at $11.50. Amylyx Pharmaceuticals shares last traded at $11.55, with a volume of 1,671,092 shares.

Wall Street Analyst Weigh In

AMLX has been the subject of a number of research analyst reports. UBS Group upgraded shares of Amylyx Pharmaceuticals to a "hold" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 price target on the stock in a research note on Thursday, July 10th. Citigroup initiated coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, June 17th. They set a "buy" rating and a $12.00 price target on the stock. 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 note on Monday. Finally, Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Amylyx Pharmaceuticals has a consensus rating of "Buy" and a consensus target price of $13.25.

Amylyx Pharmaceuticals Stock Performance

The business's 50 day moving average is $8.64 and its 200-day moving average is $6.01. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -4.74 and a beta of -0.45.

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

Institutional Trading of Amylyx Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of AMLX. Dimensional Fund Advisors LP acquired a new stake in Amylyx Pharmaceuticals in the 4th quarter worth $205,000. Northern Trust Corp grew its position in Amylyx Pharmaceuticals by 11.8% in the 4th quarter. Northern Trust Corp now owns 106,564 shares of the company's stock worth $403,000 after purchasing an additional 11,214 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Amylyx Pharmaceuticals in the 4th quarter worth $191,000. Bank of America Corp DE grew its position in Amylyx Pharmaceuticals by 165.9% in the 4th quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock worth $9,171,000 after purchasing an additional 1,513,748 shares during the last quarter. Finally, Millennium Management LLC grew its position in Amylyx Pharmaceuticals by 30.1% in the 4th quarter. Millennium Management LLC now owns 594,236 shares of the company's stock worth $2,246,000 after purchasing an additional 137,420 shares during the last quarter. 95.84% of the stock is currently 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.