Citigroup Issues Positive Forecast for Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Price

Key Points

• Citigroup raised its price target for Amylyx Pharmaceuticals (NASDAQ:AMLX) from $12.00 to $20.00, suggesting a potential upside of 36.89% from the current stock price.
• Amylyx Pharmaceuticals' stock is currently experiencing a decline, trading down 3.7% to $14.61, despite a recent consensus rating classifying the stock as a "Moderate Buy."
• Insiders, including CEO Justin B. Klee and COO Joshua B. Cohen, recently sold shares of the company, which amounts to a decrease in their ownership by 0.89%.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) had its price target boosted by investment analysts at Citigroup from $12.00 to $20.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 36.89% from the stock's current price.

Several other analysts have also recently issued reports on AMLX. Jefferies Financial Group started coverage on Amylyx Pharmaceuticals in a report on Tuesday, June 24th. They issued a "hold" rating for the company. Bank of America upped their target price on Amylyx Pharmaceuticals from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Wall Street Zen upgraded Amylyx Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Friday, July 18th. The Goldman Sachs Group increased their price target on Amylyx Pharmaceuticals from $10.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Finally, Robert W. Baird increased their price target on Amylyx Pharmaceuticals from $10.00 to $19.00 and gave the stock an "outperform" rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Amylyx Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.75.

Amylyx Pharmaceuticals Stock Down 3.7%

Shares of Amylyx Pharmaceuticals stock traded down $0.56 on Friday, reaching $14.61. The company's stock had a trading volume of 881,372 shares, compared to its average volume of 1,279,259. The company has a market capitalization of $1.30 billion, a P/E ratio of -5.82 and a beta of -0.33. Amylyx Pharmaceuticals has a 52-week low of $2.60 and a 52-week high of $15.94. The stock has a 50-day moving average price of $11.41 and a 200-day moving average price of $7.65.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.02). Sell-side analysts forecast that Amylyx Pharmaceuticals will post -2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In related news, CEO Justin B. Klee sold 29,975 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $14.38, for a total transaction of $431,040.50. Following the completion of the sale, the chief executive officer owned 3,325,301 shares in the company, valued at $47,817,828.38. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joshua B. Cohen sold 29,933 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $14.35, for a total value of $429,538.55. Following the sale, the chief executive officer owned 3,325,347 shares of the company's stock, valued at approximately $47,718,729.45. The trade was a 0.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,333 shares of company stock worth $1,319,495. 12.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System acquired a new position in Amylyx Pharmaceuticals during the second quarter worth approximately $28,000. Valeo Financial Advisors LLC acquired a new position in shares of Amylyx Pharmaceuticals in the first quarter valued at approximately $35,000. R Squared Ltd increased its holdings in shares of Amylyx Pharmaceuticals by 99.9% in the first quarter. R Squared Ltd now owns 12,736 shares of the company's stock valued at $45,000 after purchasing an additional 6,366 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of Amylyx Pharmaceuticals in the second quarter valued at approximately $45,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Amylyx Pharmaceuticals by 433.2% in the second quarter. BNP Paribas Financial Markets now owns 7,267 shares of the company's stock valued at $47,000 after purchasing an additional 5,904 shares during the period. Institutional investors and hedge funds 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.

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