Bank of America Forecasts Strong Price Appreciation for Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock

Key Points

• Bank of America has increased its price target for Amylyx Pharmaceuticals from $10.00 to $14.00, suggesting a potential upside of 48.23% based on the company's current stock price.
• Currently, the stock has a consensus rating of "Buy" with two analysts rating it as Strong Buy and nine as Buy.
• Amylyx Pharmaceuticals reported a quarterly loss of ($0.46) earnings per share, which was lower than the analysts' consensus estimate of ($0.44).

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) had its price target upped by equities researchers at Bank of America from $10.00 to $14.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price target would indicate a potential upside of 48.23% from the company's current price.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group started coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 24th. They set a "hold" rating on the stock. UBS Group upgraded Amylyx Pharmaceuticals to a "hold" rating in a report on Tuesday, June 24th. HC Wainwright raised their price target on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Leerink Partnrs raised Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group upgraded Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 price target for the company in a research note on Thursday, July 10th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $12.25.

Amylyx Pharmaceuticals Stock Performance

Shares of Amylyx Pharmaceuticals stock traded down $0.01 during trading on Thursday, hitting $9.45. 679,578 shares of the stock traded hands, compared to its average volume of 1,117,609. The company has a fifty day moving average price of $7.60 and a two-hundred day moving average price of $5.40. Amylyx Pharmaceuticals has a twelve month low of $2.08 and a twelve month high of $9.72. The stock has a market cap of $842.21 million, a P/E ratio of -3.78 and a beta of -0.46.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.46) earnings per share for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.02). On average, equities research analysts expect that Amylyx Pharmaceuticals will post -2.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AMLX. California State Teachers Retirement System bought a new stake in Amylyx Pharmaceuticals during the 2nd quarter valued at about $28,000. Ameritas Investment Partners Inc. purchased a new position in Amylyx Pharmaceuticals during the second quarter valued at approximately $45,000. BNP Paribas Financial Markets increased its holdings in Amylyx Pharmaceuticals by 433.2% during the second quarter. BNP Paribas Financial Markets now owns 7,267 shares of the company's stock valued at $47,000 after buying an additional 5,904 shares during the period. Legal & General Group Plc acquired a new stake in Amylyx Pharmaceuticals in the second quarter valued at approximately $47,000. Finally, Valeo Financial Advisors LLC purchased a new position in Amylyx Pharmaceuticals in the first quarter worth $35,000. Institutional investors own 95.84% of the company's stock.

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.

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