Bank of America Corp DE Buys New Shares in Amylyx Pharmaceuticals, Inc. $AMLX

Key Points

• Bank of America initiated a position in Amylyx Pharmaceuticals, buying 821,841 shares valued at approximately $14.76 million, or about 0.74% of the company.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus “Buy” rating and an average price target of $38.86, although one analyst maintains a sell rating.
• Amylyx shares opened at $29.49 after a 2.2% decline; the company recently reported a quarterly loss of $0.39 per share, missing estimates by $0.03.

Bank of America Corp DE purchased a new position in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 821,841 shares of the company's stock, valued at approximately $14,760,000. Bank of America Corp DE owned approximately 0.74% of Amylyx Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KBC Group NV bought a new stake in shares of Amylyx Pharmaceuticals during the 1st quarter valued at $26,000. State of Wyoming bought a new position in Amylyx Pharmaceuticals during the second quarter valued at $40,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Amylyx Pharmaceuticals by 954.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,859 shares of the company's stock worth $47,000 after buying an additional 3,493 shares in the last quarter. ACT Capital Management LLC purchased a new position in shares of Amylyx Pharmaceuticals in the 4th quarter worth $109,000. Finally, Seven Fleet Capital Management LP bought a new stake in shares of Amylyx Pharmaceuticals in the 4th quarter worth about $140,000. Institutional investors own 95.84% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Mizuho raised their target price on shares of Amylyx Pharmaceuticals from $30.00 to $42.00 and gave the stock an "outperform" rating in a report on Tuesday, August 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Amylyx Pharmaceuticals in a report on Wednesday, August 5th. Guggenheim raised their price objective on shares of Amylyx Pharmaceuticals from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. Robert W. Baird boosted their target price on Amylyx Pharmaceuticals from $28.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, August 19th. Finally, HC Wainwright increased their price target on Amylyx Pharmaceuticals from $34.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $38.86.

Insider Activity

In other news, insider Camille Bedrosian sold 10,028 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $32.40, for a total value of $324,907.20. Following the transaction, the insider directly owned 278,064 shares in the company, valued at approximately $9,009,273.60. This represents a 3.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gina Mazzariello sold 9,536 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $32.46, for a total transaction of $309,538.56. Following the transaction, the insider directly owned 190,838 shares of the company's stock, valued at $6,194,601.48. The trade was a 4.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 45,374 shares of company stock valued at $1,259,057. Company insiders own 10.90% of the company's stock.

Amylyx Pharmaceuticals Stock Down 2.2%

Shares of Amylyx Pharmaceuticals stock opened at $29.49 on Friday. The firm has a market capitalization of $3.29 billion, a P/E ratio of -20.62 and a beta of -0.13. Amylyx Pharmaceuticals, Inc. has a 52 week low of $10.83 and a 52 week high of $41.14. The company has a 50 day moving average price of $28.55 and a 200 day moving average price of $20.06.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.03). As a group, research analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -1.48 earnings per share for the current fiscal year.

About Amylyx Pharmaceuticals

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