TD Cowen Begins Coverage on Amylyx Pharmaceuticals (NASDAQ:AMLX)

TD Cowen assumed coverage on shares of Amylyx Pharmaceuticals (NASDAQ:AMLX - Free Report) in a research note published on Friday morning, Marketbeat.com reports. The brokerage issued a buy rating on the stock.

A number of other brokerages also recently commented on AMLX. Mizuho raised their price objective on shares of Amylyx Pharmaceuticals from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. HC Wainwright lifted their price objective on Amylyx Pharmaceuticals from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Leerink Partnrs raised shares of Amylyx Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Finally, Leerink Partners raised shares of Amylyx Pharmaceuticals from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $4.00 to $10.00 in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $9.83.

Amylyx Pharmaceuticals Trading Up 6.7%

Shares of NASDAQ AMLX traded up $0.33 during midday trading on Friday, reaching $5.23. 1,365,455 shares of the company were exchanged, compared to its average volume of 1,212,357. Amylyx Pharmaceuticals has a 1 year low of $1.58 and a 1 year high of $7.27. The stock has a fifty day simple moving average of $4.43 and a 200 day simple moving average of $4.14. The stock has a market cap of $466.21 million, a P/E ratio of -1.37 and a beta of -0.60.

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, topping analysts' consensus estimates of ($0.45) by $0.03. As a group, analysts forecast that Amylyx Pharmaceuticals will post -2.2 earnings per share for the current year.

Insider Buying and Selling

In other Amylyx Pharmaceuticals news, insider Camille L. Bedrosian sold 12,425 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $3.47, for a total value of $43,114.75. Following the completion of the transaction, the insider now directly owns 194,375 shares of the company's stock, valued at $674,481.25. This represents a 6.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bernhardt G. Zeiher bought 10,000 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $3.70 per share, for a total transaction of $37,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $37,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 44,811 shares of company stock valued at $155,494. Company insiders own 11.70% of the company's stock.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. acquired a new stake in Amylyx Pharmaceuticals during the first quarter worth about $20,170,000. Millennium Management LLC increased its stake in shares of Amylyx Pharmaceuticals by 418.6% in the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company's stock valued at $10,910,000 after purchasing an additional 2,487,617 shares during the period. Boxer Capital Management LLC acquired a new stake in shares of Amylyx Pharmaceuticals in the fourth quarter valued at approximately $6,615,000. Woodline Partners LP acquired a new stake in shares of Amylyx Pharmaceuticals in the first quarter valued at approximately $5,697,000. Finally, Bank of America Corp DE boosted its holdings in shares of Amylyx Pharmaceuticals by 165.9% in the fourth quarter. Bank of America Corp DE now owns 2,426,263 shares of the company's stock valued at $9,171,000 after acquiring an additional 1,513,748 shares in the last quarter. Institutional investors and hedge funds own 95.84% of the company's stock.

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.