Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading 6.4% Higher - Here's Why

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) was up 6.4% during trading on Tuesday . The company traded as high as $5.76 and last traded at $5.79. Approximately 419,377 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 1,199,686 shares. The stock had previously closed at $5.44.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Leerink Partners raised shares of Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $4.00 to $10.00 in a report on Wednesday, May 7th. Leerink Partnrs upgraded Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. HC Wainwright upped their price objective on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho increased their price target on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Finally, TD Cowen started coverage on shares of Amylyx Pharmaceuticals in a report on Friday, May 30th. They issued a "buy" rating for the company. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Amylyx Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $9.83.

Amylyx Pharmaceuticals Stock Performance

The firm has a market cap of $492.06 million, a price-to-earnings ratio of -1.45 and a beta of -0.59. The stock's fifty day moving average price is $4.74 and its 200-day moving average price is $4.15.

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

Insiders Place Their Bets

In other Amylyx Pharmaceuticals news, Director Bernhardt G. Zeiher acquired 10,000 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $3.70 per share, with a total value of $37,000.00. Following the transaction, the director now owns 10,000 shares in the company, valued at $37,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James M. Frates sold 10,896 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $3.47, for a total transaction of $37,809.12. Following the completion of the transaction, the chief financial officer now owns 290,988 shares of the company's stock, valued at approximately $1,009,728.36. The trade was a 3.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,811 shares of company stock worth $155,494 over the last 90 days. Corporate insiders own 11.70% of the company's stock.

Institutional Trading of Amylyx Pharmaceuticals

A number of large investors have recently made changes to their positions in AMLX. Woodline Partners LP acquired a new stake in Amylyx Pharmaceuticals during the 1st quarter worth $5,697,000. Goldman Sachs Group Inc. increased its position in Amylyx Pharmaceuticals by 7.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,002,961 shares of the company's stock valued at $7,090,000 after acquiring an additional 143,065 shares during the period. Millennium Management LLC raised its position 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 buying an additional 2,487,617 shares during the last quarter. Allostery Investments LP acquired a new position in Amylyx Pharmaceuticals during the 1st quarter worth approximately $942,000. Finally, Almitas Capital LLC increased its holdings 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 in the last quarter. 95.84% of the stock is owned by institutional investors and hedge funds.

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.