Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Up 9.6% - Should You Buy?

Key Points

• Amylyx Pharmaceuticals shares increased by 9.6% during trading, reaching a high of $14.57, but the trading volume was down by 40% from the average.
• The stock received various analyst ratings, with Goldman Sachs raising the price target to $20.00 and a consensus rating of "Moderate Buy" with a target of $14.75.
• Insider trading activity showed CEO Justin B. Klee and CFO James M. Frates selling significant shares, with insiders holding 12.30% of the stock, while 95.84% is owned by institutional investors.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) shares shot up 9.6% during trading on Thursday . The stock traded as high as $14.57 and last traded at $14.78. 757,297 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 1,257,306 shares. The stock had previously closed at $13.48.

Analysts Set New Price Targets

AMLX has been the topic of a number of analyst reports. Jefferies Financial Group started coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They issued a "hold" rating on the stock. The Goldman Sachs Group raised their price objective on Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Amylyx Pharmaceuticals in a report on Wednesday. Citigroup initiated coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 17th. They set a "buy" rating and a $12.00 price target for the company. Finally, Wall Street Zen upgraded Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Amylyx Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $14.75.

Amylyx Pharmaceuticals Price Performance

The company's 50-day simple moving average is $10.74 and its 200-day simple moving average is $7.27. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -5.79 and a beta of -0.33.

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

Insider Buying and Selling

In other news, CEO Justin B. Klee sold 29,975 shares of the stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $14.38, for a total value of $431,040.50. Following the completion of the transaction, the chief executive officer directly owned 3,325,301 shares in the company, valued at approximately $47,817,828.38. This represents a 0.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James M. Frates sold 10,558 shares of the stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $14.65, for a total value of $154,674.70. Following the completion of the transaction, the chief financial officer owned 280,430 shares of the company's stock, valued at $4,108,299.50. The trade was a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,333 shares of company stock worth $1,319,495. 12.30% of the stock is owned by company insiders.

Institutional Trading of Amylyx Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Marex Group plc acquired a new stake in Amylyx Pharmaceuticals during the 2nd quarter worth about $128,000. Perceptive Advisors LLC grew its holdings in Amylyx Pharmaceuticals by 0.4% during the 2nd quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company's stock worth $50,654,000 after acquiring an additional 28,017 shares during the period. 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 worth $47,000 after acquiring an additional 5,904 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in Amylyx Pharmaceuticals by 54.5% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company's stock worth $56,408,000 after acquiring an additional 3,102,395 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in Amylyx Pharmaceuticals by 643.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 95,219 shares of the company's stock worth $610,000 after acquiring an additional 82,414 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.