Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading Down 5.9% - Should You Sell?

Key Points

• Amylyx Pharmaceuticals shares dropped 5.9% on Monday, trading at $8.76 after closing at $9.30, with a significant decline in trading volume.
• Wall Street analysts have a consensus rating of "Buy" on the stock, with an average price target of $11.75, following several upgrades from various research firms.
• The company's market capitalization stands at approximately $766.86 million, with institutional investors owning around 95.84% of its shares.

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) dropped 5.9% during trading on Monday . The stock traded as low as $8.89 and last traded at $8.76. Approximately 389,405 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 1,104,943 shares. The stock had previously closed at $9.30.

Wall Street Analysts Forecast Growth

AMLX has been the topic of several research reports. TD Cowen initiated coverage on shares of Amylyx Pharmaceuticals in a research note on Friday, May 30th. They issued a "buy" rating on the stock. Leerink Partners upgraded shares of Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and upped their price target for the company from $4.00 to $10.00 in a research note on Wednesday, May 7th. 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 initiated coverage on shares of Amylyx Pharmaceuticals in a research note on Tuesday, June 17th. They issued a "buy" rating and a $12.00 price target on the stock. Finally, Leerink Partnrs upgraded shares of Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $11.75.

Amylyx Pharmaceuticals Trading Down 7.5%

The firm's 50-day moving average price is $7.38 and its 200 day moving average price is $5.31. The company has a market capitalization of $766.86 million, a price-to-earnings ratio of -3.44 and a beta of -0.46.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last issued 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). As a group, equities research analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Marex Group plc bought a new position in shares of Amylyx Pharmaceuticals in the second quarter worth about $128,000. Perceptive Advisors LLC raised its position in shares of Amylyx Pharmaceuticals by 0.4% during the second 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 last quarter. BNP Paribas Financial Markets lifted 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 worth $47,000 after acquiring an additional 5,904 shares during the period. Adage Capital Partners GP L.L.C. increased its position 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 valued at $56,408,000 after purchasing an additional 3,102,395 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of 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 buying an additional 82,414 shares during the period. Institutional investors own 95.84% of the company's stock.

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.

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