BlackRock Inc. Acquires New Stake in Amylyx Pharmaceuticals, Inc. $AMLX

Key Points

• BlackRock acquired 8.83 million Amylyx Pharmaceuticals shares worth approximately $158.5 million, giving it a 7.94% stake. Institutional investors collectively own 95.84% of the company.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $36.50, though one firm downgraded the stock to “Sell.”
• Amylyx shares opened at $34.74 after recently trading down 6.6%; the company reported a quarterly loss of $0.39 per share, missing estimates by $0.03.

BlackRock Inc. bought a new position in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,827,085 shares of the company's stock, valued at approximately $158,534,000. BlackRock Inc. owned approximately 7.94% of Amylyx Pharmaceuticals as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. raised its stake in Amylyx Pharmaceuticals by 54.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 8,800,000 shares of the company's stock valued at $56,408,000 after purchasing an additional 3,102,395 shares in the last quarter. Perceptive Advisors LLC grew its stake in Amylyx Pharmaceuticals by 0.4% in the 2nd quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company's stock worth $50,654,000 after buying an additional 28,017 shares in the last quarter. TCG Crossover Management LLC grew its stake in Amylyx Pharmaceuticals by 5.0% in the 3rd quarter. TCG Crossover Management LLC now owns 6,243,812 shares of the company's stock worth $84,853,000 after buying an additional 300,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Amylyx Pharmaceuticals by 10.1% in the 4th quarter. Vanguard Group Inc. now owns 5,804,912 shares of the company's stock worth $70,123,000 after buying an additional 531,162 shares during the last quarter. Finally, Commodore Capital LP increased its holdings in shares of Amylyx Pharmaceuticals by 38.6% in the 4th quarter. Commodore Capital LP now owns 5,650,000 shares of the company's stock worth $68,252,000 after buying an additional 1,574,522 shares during the last quarter. 95.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Gina Mazzariello sold 15,000 shares of the company's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $18.32, for a total transaction of $274,800.00. Following the completion of the sale, the insider directly owned 194,090 shares in the company, valued at $3,555,728.80. This represents a 7.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 10.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen cut shares of Amylyx Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Robert W. Baird upped their target price on shares of Amylyx Pharmaceuticals from $28.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 19th. Citigroup raised their price objective on Amylyx Pharmaceuticals from $20.00 to $26.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Wolfe Research upgraded shares of Amylyx Pharmaceuticals to a "strong-buy" rating in a research report on Monday, August 17th. Finally, Guggenheim upped their price objective on shares of Amylyx Pharmaceuticals from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Amylyx Pharmaceuticals has a consensus rating of "Buy" and a consensus target price of $36.50.

Amylyx Pharmaceuticals Trading Down 6.6%

Shares of NASDAQ:AMLX opened at $34.74 on Friday. The stock has a market capitalization of $3.87 billion, a P/E ratio of -24.29 and a beta of -0.21. The stock's 50-day moving average price is $22.53 and its 200-day moving average price is $17.49. Amylyx Pharmaceuticals, Inc. has a 12-month low of $9.15 and a 12-month high of $41.14.

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

About Amylyx Pharmaceuticals

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.