The Goldman Sachs Group Forecasts Strong Price Appreciation for Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock

Key Points

• The Goldman Sachs Group increased its price target for Amylyx Pharmaceuticals (NASDAQ:AMLX) from $10.00 to $20.00, indicating a potential upside of 66.89% from its previous close.
• Other analysts also raised their price objectives, with Bank of America setting a new target at $14.00, reflecting a consensus rating of Buy with an average target price of $14.50.
• Amylyx Pharmaceuticals reported a quarterly loss of ($0.46) EPS, slightly missing analysts' expectations, as the firm continues its focus on treatments for neurodegenerative diseases.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) had its target price hoisted by research analysts at The Goldman Sachs Group from $10.00 to $20.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would suggest a potential upside of 50.26% from the company's previous close.

A number of other research analysts have also recently weighed in on AMLX. Wall Street Zen raised Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Citigroup initiated coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 17th. They set a "buy" rating and a $12.00 price target on the stock. TD Cowen started coverage on Amylyx Pharmaceuticals in a research note on Friday, May 30th. They set a "buy" rating on the stock. UBS Group upgraded Amylyx Pharmaceuticals to a "hold" rating in a research note on Tuesday, June 24th. Finally, Jefferies Financial Group began coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They set a "hold" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Amylyx Pharmaceuticals has an average rating of "Buy" and an average target price of $14.50.

Amylyx Pharmaceuticals Stock Performance

Shares of Amylyx Pharmaceuticals stock traded up $0.06 during midday trading on Tuesday, reaching $13.31. 3,598,266 shares of the company's stock traded hands, compared to its average volume of 1,959,202. The stock has a 50 day moving average of $9.18 and a 200-day moving average of $6.30. The company has a market cap of $1.19 billion, a PE ratio of -5.32 and a beta of -0.44. Amylyx Pharmaceuticals has a 12 month low of $2.60 and a 12 month high of $13.50.

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

Institutional Trading of Amylyx Pharmaceuticals

A number of institutional investors have recently modified their holdings of AMLX. Northern Trust Corp boosted its position in Amylyx Pharmaceuticals by 11.8% during the fourth quarter. Northern Trust Corp now owns 106,564 shares of the company's stock worth $403,000 after purchasing an additional 11,214 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Amylyx Pharmaceuticals in the 4th quarter worth about $191,000. Bank of America Corp DE grew its stake in shares of Amylyx Pharmaceuticals by 165.9% in the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock valued at $9,171,000 after buying an additional 1,513,748 shares in the last quarter. Millennium Management LLC grew its stake in shares of Amylyx Pharmaceuticals by 30.1% in the fourth quarter. Millennium Management LLC now owns 594,236 shares of the company's stock valued at $2,246,000 after buying an additional 137,420 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Amylyx Pharmaceuticals in the fourth quarter valued at about $249,000. 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.