Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading Down 8.4% - Time to Sell?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report)'s stock price traded down 8.4% during trading on Thursday . The company traded as low as $6.17 and last traded at $6.02. 254,847 shares were traded during mid-day trading, a decline of 79% from the average session volume of 1,193,802 shares. The stock had previously closed at $6.57.

Wall Street Analyst Weigh In

Several analysts have weighed in on AMLX shares. HC Wainwright upped their price objective on shares of Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Guggenheim began coverage on Amylyx Pharmaceuticals in a research report on Tuesday, June 24th. They set a "buy" rating and a $17.00 price target on the stock. Citigroup began 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. Mizuho boosted their price objective on Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. Finally, Leerink Partners upgraded Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $4.00 to $10.00 in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.00.

Amylyx Pharmaceuticals Trading Down 4.1%

The company has a market capitalization of $561.58 million, a price-to-earnings ratio of -2.03 and a beta of -0.49. The company has a 50 day moving average price of $5.30 and a 200 day moving average price of $4.24.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.03. Equities analysts predict that Amylyx Pharmaceuticals, Inc. will post -2.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in shares of Amylyx Pharmaceuticals by 7.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,002,961 shares of the company's stock worth $7,090,000 after buying an additional 143,065 shares during the last quarter. Woodline Partners LP acquired a new stake in Amylyx Pharmaceuticals during the 1st quarter worth $5,697,000. Millennium Management LLC grew its holdings in Amylyx Pharmaceuticals by 418.6% during the 1st quarter. Millennium Management LLC now owns 3,081,853 shares of the company's stock worth $10,910,000 after acquiring an additional 2,487,617 shares during the period. Allostery Investments LP bought a new stake in shares of Amylyx Pharmaceuticals during the 1st quarter valued at $942,000. Finally, Almitas Capital LLC lifted its stake in shares of Amylyx Pharmaceuticals by 4.4% in the 1st quarter. Almitas Capital LLC now owns 2,122,597 shares of the company's stock valued at $7,514,000 after purchasing an additional 90,227 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.