683 Capital Management LLC Purchases 481,400 Shares of Amylyx Pharmaceuticals, Inc. $AMLX

Key Points

• 683 Capital Management LLC increased its stake in Amylyx Pharmaceuticals by 24.9%, acquiring an additional 481,400 shares for a total of 2,411,400 shares valued at approximately $8.5 million.
• Hedge funds and institutional investors now hold 95.84% of Amylyx Pharmaceuticals' stock, indicating significant interest among larger investors.
• Amylyx Pharmaceuticals reported a loss per share of ($0.46) for the last quarter, which was below analysts' expectations of ($0.44).

683 Capital Management LLC grew its position in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Free Report) by 24.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,411,400 shares of the company's stock after purchasing an additional 481,400 shares during the quarter. 683 Capital Management LLC owned approximately 2.71% of Amylyx Pharmaceuticals worth $8,536,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Amylyx Pharmaceuticals during the first quarter valued at about $20,170,000. ADAR1 Capital Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 14,615.9% during the first quarter. ADAR1 Capital Management LLC now owns 1,471,587 shares of the company's stock valued at $5,209,000 after purchasing an additional 1,461,587 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Amylyx Pharmaceuticals during the first quarter valued at about $79,000. Nantahala Capital Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 102.1% during the first 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 in the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its stake in shares of Amylyx Pharmaceuticals by 157.0% during the first quarter. OMERS ADMINISTRATION Corp now owns 169,600 shares of the company's stock valued at $600,000 after purchasing an additional 103,600 shares in the last quarter. 95.84% of the stock is owned by institutional investors and hedge funds.

Amylyx Pharmaceuticals Stock Up 2.5%

AMLX traded up $0.25 during trading on Friday, hitting $10.20. The company's stock had a trading volume of 1,752,271 shares, compared to its average volume of 1,245,855. Amylyx Pharmaceuticals, Inc. has a twelve month low of $2.28 and a twelve month high of $10.24. The stock's fifty day moving average price is $8.15 and its 200-day moving average price is $5.70. The firm has a market capitalization of $909.53 million, a P/E ratio of -4.08 and a beta of -0.44.

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

Analyst Ratings Changes

AMLX has been the topic of a number of recent analyst reports. UBS Group raised Amylyx Pharmaceuticals to a "hold" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group raised Amylyx Pharmaceuticals to a "buy" rating and set a $10.00 price objective on the stock in a research note on Thursday, July 10th. TD Cowen initiated coverage on Amylyx Pharmaceuticals in a research note on Friday, May 30th. They issued a "buy" rating on the stock. Bank of America lifted their price objective on Amylyx Pharmaceuticals from $10.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Citigroup initiated coverage on Amylyx Pharmaceuticals in a research note on Tuesday, June 17th. They issued a "buy" rating and a $12.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Amylyx Pharmaceuticals presently has an average rating of "Buy" and an average price target of $12.25.

Amylyx Pharmaceuticals 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.