Orbimed Advisors LLC Acquires New Stake in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)

Orbimed Advisors LLC acquired a new position in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 348,000 shares of the company's stock, valued at approximately $1,315,000. Orbimed Advisors LLC owned approximately 0.51% of Amylyx Pharmaceuticals at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AMLX. Barclays PLC raised its position in shares of Amylyx Pharmaceuticals by 91.1% in the 3rd quarter. Barclays PLC now owns 84,572 shares of the company's stock worth $274,000 after acquiring an additional 40,319 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Amylyx Pharmaceuticals by 144.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 140,559 shares of the company's stock worth $455,000 after acquiring an additional 83,048 shares in the last quarter. Blue Trust Inc. raised its position in shares of Amylyx Pharmaceuticals by 232.1% in the 4th quarter. Blue Trust Inc. now owns 6,987 shares of the company's stock worth $26,000 after acquiring an additional 4,883 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Amylyx Pharmaceuticals in the 4th quarter worth about $56,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Amylyx Pharmaceuticals by 43.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,263,353 shares of the company's stock worth $4,775,000 after acquiring an additional 382,608 shares in the last quarter. 95.84% of the stock is owned by institutional investors.

Insider Transactions at Amylyx Pharmaceuticals

In other news, CFO James M. Frates sold 10,896 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $3.47, for a total value of $37,809.12. Following the transaction, the chief financial officer now owns 290,988 shares in the company, valued at $1,009,728.36. The trade was a 3.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joshua B. Cohen sold 21,490 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $3.47, for a total value of $74,570.30. Following the completion of the transaction, the chief executive officer now owns 3,355,280 shares in the company, valued at $11,642,821.60. The trade was a 0.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,980 shares of company stock worth $168,627 in the last 90 days. Insiders own 11.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on AMLX. Leerink Partnrs upgraded Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Leerink Partners upgraded Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and raised their target price for the company from $4.00 to $10.00 in a research note on Wednesday, May 7th. HC Wainwright raised their target price on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Mizuho raised their target price on Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $9.83.

Amylyx Pharmaceuticals Stock Up 7.1%

AMLX stock traded up $0.32 during mid-day trading on Friday, reaching $4.84. 798,017 shares of the company traded hands, compared to its average volume of 1,217,112. The stock has a market cap of $431.44 million, a price-to-earnings ratio of -1.27 and a beta of -0.60. Amylyx Pharmaceuticals, Inc. has a fifty-two week low of $1.58 and a fifty-two week high of $7.27. The firm's 50 day moving average price is $4.14 and its 200 day moving average price is $4.20.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.45) by $0.03. On average, analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

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.