Leerink Partners Upgrades Amylyx Pharmaceuticals (NASDAQ:AMLX) to Outperform

Leerink Partners upgraded shares of Amylyx Pharmaceuticals (NASDAQ:AMLX - Free Report) from a market perform rating to an outperform rating in a research note published on Wednesday morning,Benzinga reports. Leerink Partners currently has $10.00 target price on the stock, up from their prior target price of $4.00.

AMLX has been the topic of several other reports. Mizuho upgraded shares of Amylyx Pharmaceuticals from a "neutral" rating to an "outperform" rating and upped their target price for the company from $3.00 to $7.00 in a research report on Monday, April 7th. HC Wainwright reissued a "buy" rating and issued a $12.00 price objective on shares of Amylyx Pharmaceuticals in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $9.67.

Amylyx Pharmaceuticals Stock Performance

Shares of NASDAQ AMLX traded up $0.16 during trading hours on Wednesday, hitting $4.77. The company's stock had a trading volume of 757,721 shares, compared to its average volume of 1,224,604. The stock has a market cap of $425.29 million, a price-to-earnings ratio of -1.25 and a beta of -0.60. Amylyx Pharmaceuticals has a 12 month low of $1.58 and a 12 month high of $7.27. The business has a 50-day simple moving average of $4.04 and a 200-day simple moving average of $4.22.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.42) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.03. On average, equities research analysts forecast that Amylyx Pharmaceuticals will post -2.2 EPS for the current year.

Insider Activity

In other Amylyx Pharmaceuticals news, Director Bernhardt G. Zeiher acquired 10,000 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $3.70 per share, with a total value of $37,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $37,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James M. Frates sold 10,896 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $3.47, for a total transaction of $37,809.12. Following the sale, the chief financial officer now directly owns 290,988 shares of the company's stock, valued at approximately $1,009,728.36. This represents a 3.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,980 shares of company stock valued at $168,627 in the last three months. 11.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. boosted its stake in Amylyx Pharmaceuticals by 18.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 17,188 shares of the company's stock valued at $61,000 after acquiring an additional 2,653 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Amylyx Pharmaceuticals by 232.1% during the fourth quarter. Blue Trust Inc. now owns 6,987 shares of the company's stock worth $26,000 after purchasing an additional 4,883 shares during the period. XTX Topco Ltd raised its holdings in shares of Amylyx Pharmaceuticals by 12.0% during the fourth quarter. XTX Topco Ltd now owns 53,376 shares of the company's stock worth $202,000 after purchasing an additional 5,704 shares during the period. R Squared Ltd raised its holdings in shares of Amylyx Pharmaceuticals by 99.9% during the first quarter. R Squared Ltd now owns 12,736 shares of the company's stock worth $45,000 after purchasing an additional 6,366 shares during the period. Finally, Valeo Financial Advisors LLC acquired a new stake in shares of Amylyx Pharmaceuticals in the 1st quarter worth about $35,000. 95.84% of the stock is currently owned by institutional investors and hedge funds.

Amylyx Pharmaceuticals Company Profile

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.