Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Amylyx shares rose 2.4% and moved above their 50-day moving average, trading as high as $30.32 and last at $30.21, compared with a 50-day average of $29.91.
• Analysts have an average Buy rating and a $44.14 average price target, though views vary: two rate the stock Strong Buy, six Buy, and one Sell.
• The company reported quarterly earnings per share of -$0.38, in line with analyst expectations. Its CFO and another insider also sold shares to cover tax withholding on vested equity awards.

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX - Get Free Report) passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $29.91 and traded as high as $30.32. Amylyx Pharmaceuticals shares last traded at $30.21, with a volume of 1,297,563 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Guggenheim upped their price target on Amylyx Pharmaceuticals from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 27th. HC Wainwright began coverage on Amylyx Pharmaceuticals in a research report on Thursday, November 5th. They issued a "strong-buy" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Amylyx Pharmaceuticals in a research report on Tuesday, November 3rd. Citigroup boosted their target price on Amylyx Pharmaceuticals from $32.00 to $39.00 and gave the stock a "buy" rating in a research note on Thursday, October 15th. Finally, Wolfe Research raised Amylyx Pharmaceuticals to a "strong-buy" rating in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Amylyx Pharmaceuticals has an average rating of "Buy" and an average target price of $44.14.

Amylyx Pharmaceuticals Trading Up 2.4%

The stock has a 50-day simple moving average of $29.91 and a 200 day simple moving average of $20.48. The company has a market cap of $3.37 billion, a price-to-earnings ratio of -20.98 and a beta of -0.09.

Amylyx Pharmaceuticals (NASDAQ:AMLX - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.38) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.38). As a group, research analysts forecast that Amylyx Pharmaceuticals, Inc. will post -1.49 EPS for the current fiscal year.

Insider Transactions at Amylyx Pharmaceuticals

In related news, CFO James Frates sold 10,810 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $32.36, for a total value of $349,811.60. Following the transaction, the chief financial officer owned 233,625 shares in the company, valued at approximately $7,560,105. This represents a 4.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Camille Bedrosian sold 10,028 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $32.40, for a total transaction of $324,907.20. Following the transaction, the insider directly owned 278,064 shares of the company's stock, valued at $9,009,273.60. This represents a 3.48% decrease in their ownership of the stock. 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. Insiders have sold 60,374 shares of company stock worth $1,815,257 in the last ninety days. Corporate insiders own 10.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Amylyx Pharmaceuticals in the second quarter valued at $158,534,000. Jupiter Topco LLC acquired a new stake in Amylyx Pharmaceuticals during the 2nd quarter worth about $94,014,000. Janus Henderson Group PLC raised its stake in shares of Amylyx Pharmaceuticals by 11.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,986,073 shares of the company's stock valued at $69,257,000 after buying an additional 520,201 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter valued at about $18,912,000. Finally, Almitas Capital LLC purchased a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter valued at about $17,509,000. Hedge funds and other institutional investors own 95.84% of the company's stock.

About Amylyx Pharmaceuticals

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