Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Price Down 6.5% - Here's What Happened

Key Points

• Amylyx Pharmaceuticals experienced a 6.5% drop in stock price during mid-day trading, closing at $13.93 after previously being at $14.90.
• Analysts have mixed ratings on AMLX, with Guggenheim raising its target price from $17 to $25 and maintaining a "buy" rating, while overall consensus remains at a "buy" with an average target of $14.50.
• Institutional investors hold 95.84% of Amylyx's stock, demonstrating strong confidence in the company despite recent market fluctuations.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s stock price was down 6.5% during mid-day trading on Tuesday . The company traded as low as $13.95 and last traded at $13.93. Approximately 1,903,465 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 1,233,945 shares. The stock had previously closed at $14.90.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on AMLX shares. Jefferies Financial Group started coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They issued a "hold" rating on the stock. Guggenheim lifted their target price on Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Wall Street Zen raised Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. UBS Group raised Amylyx Pharmaceuticals to a "hold" rating in a research report on Tuesday, June 24th. Finally, Bank of America boosted their price target on Amylyx Pharmaceuticals from $10.00 to $14.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $14.50.

Amylyx Pharmaceuticals Price Performance

The firm has a 50-day moving average price of $9.86 and a 200 day moving average price of $6.77. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -5.44 and a beta of -0.44.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted its earnings results 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, equities analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. boosted its stake in shares of Amylyx Pharmaceuticals by 18.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 17,188 shares of the company's stock valued at $61,000 after buying an additional 2,653 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Amylyx Pharmaceuticals by 24.7% in the first quarter. Hsbc Holdings PLC now owns 14,419 shares of the company's stock valued at $51,000 after buying an additional 2,853 shares during the period. California State Teachers Retirement System bought a new stake in shares of Amylyx Pharmaceuticals in the second quarter valued at approximately $28,000. BNP Paribas Financial Markets boosted its stake in shares of Amylyx Pharmaceuticals by 433.2% in the second 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 during the period. Finally, R Squared Ltd boosted its stake 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 valued at $45,000 after buying an additional 6,366 shares during the period. 95.84% of the stock is currently owned by institutional investors.

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.

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