Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Price Expected to Rise, Bank of America Analyst Says

Key Points

• Bank of America raised its price target for Amylyx Pharmaceuticals from $14.00 to $16.00, suggesting a potential upside of 20.39% based on the company's previous close.
• Amylyx Pharmaceuticals has received various ratings from analysts, including two "Strong Buy" ratings, nine "Buy" ratings, and two "Hold" ratings, leading to a consensus rating of "Buy".
• Insider trading activity has seen executives selling shares recently, with notable transactions including CEO Justin B. Klee selling nearly 30,000 shares at an average price of $14.38.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) had its price target increased by investment analysts at Bank of America from $14.00 to $16.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's target price indicates a potential upside of 20.39% from the company's previous close.

Other research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Citigroup started coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 17th. They set a "buy" rating and a $12.00 price target on the stock. UBS Group raised shares of Amylyx Pharmaceuticals to a "hold" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group increased their price target on shares of Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Finally, Jefferies Financial Group started coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They issued a "hold" rating for the company. Two 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 company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $14.75.

Amylyx Pharmaceuticals Stock Performance

NASDAQ AMLX opened at $13.29 on Friday. Amylyx Pharmaceuticals has a 52 week low of $2.60 and a 52 week high of $15.15. The stock's 50 day moving average price is $10.19 and its two-hundred day moving average price is $6.93. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -5.32 and a beta of -0.34.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last released its earnings results 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). On average, equities research analysts forecast that Amylyx Pharmaceuticals will post -2.2 EPS for the current year.

Insider Activity

In other news, insider Gina Mazzariello sold 8,828 shares of the stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $14.58, for a total transaction of $128,712.24. Following the sale, the insider directly owned 148,141 shares of the company's stock, valued at approximately $2,159,895.78. This represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Justin B. Klee sold 29,975 shares of the business's stock in a transaction dated Tuesday, September 30th. The shares were 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 of the company's stock, valued at approximately $47,817,828.38. This trade represents a 0.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,333 shares of company stock worth $1,319,495. 12.30% of the stock is owned by insiders.

Institutional Trading of Amylyx Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. grew its holdings in shares of Amylyx Pharmaceuticals by 18.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 17,188 shares of the company's stock worth $61,000 after purchasing an additional 2,653 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Amylyx Pharmaceuticals by 24.7% in the 1st quarter. Hsbc Holdings PLC now owns 14,419 shares of the company's stock worth $51,000 after purchasing an additional 2,853 shares during the period. California State Teachers Retirement System bought a new stake in shares of Amylyx Pharmaceuticals in the 2nd quarter valued at $28,000. BNP Paribas Financial Markets increased its position in shares of Amylyx Pharmaceuticals by 433.2% during the second quarter. BNP Paribas Financial Markets now owns 7,267 shares of the company's stock worth $47,000 after buying an additional 5,904 shares during the period. Finally, R Squared Ltd lifted its holdings in 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. Institutional investors own 95.84% of the company's stock.

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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