Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading 6.4% Higher - What's Next?

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

Analysts Set New Price Targets

AMLX has been the topic of several recent research reports. HC Wainwright upped their price target on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Leerink Partnrs upgraded shares of Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Mizuho lifted their price target on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. TD Cowen assumed coverage on shares of Amylyx Pharmaceuticals in a report on Friday, May 30th. They set a "buy" rating for the company. Finally, Leerink Partners upgraded shares of Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $4.00 to $10.00 in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $9.83.

Amylyx Pharmaceuticals Price Performance

The company's 50 day simple moving average is $4.66 and its 200 day simple moving average is $4.14. The company has a market capitalization of $483.14 million, a PE ratio of -1.42 and a beta of -0.59.

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

Insiders Place Their Bets

In other Amylyx Pharmaceuticals news, Director Bernhardt G. Zeiher bought 10,000 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $3.70 per share, for a total transaction of $37,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $37,000. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joshua B. Cohen sold 21,490 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 $74,570.30. Following the completion of the sale, the chief executive officer now owns 3,355,280 shares of the company's stock, valued at approximately $11,642,821.60. This trade represents a 0.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,811 shares of company stock valued at $155,494. 11.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. purchased a new position in shares of Amylyx Pharmaceuticals during the first quarter worth about $20,170,000. Millennium Management LLC lifted 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 acquiring an additional 2,487,617 shares during the period. Nantahala Capital Management LLC grew its stake in shares of Amylyx Pharmaceuticals by 102.1% in the 1st quarter. Nantahala Capital Management LLC now owns 2,934,405 shares of the company's stock valued at $10,388,000 after purchasing an additional 1,482,252 shares during the last quarter. Aberdeen Group plc increased its holdings in shares of Amylyx Pharmaceuticals by 41.1% in the first quarter. Aberdeen Group plc now owns 2,430,358 shares of the company's stock valued at $8,603,000 after purchasing an additional 707,553 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Amylyx Pharmaceuticals by 165.9% during the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock worth $9,171,000 after purchasing an additional 1,513,748 shares during the last quarter. 95.84% of the stock is currently 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.