Amylyx Pharmaceuticals (NASDAQ:AMLX) Stock Price Up 6.5% – Here’s What Happened

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)’s share price traded up 6.5% on Wednesday . The stock traded as high as $13.41 and last traded at $13.4240. 215,435 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,523,653 shares. The stock had previously closed at $12.60.

Analyst Ratings Changes

Several research analysts have recently commented on the company. HC Wainwright lifted their target price on Amylyx Pharmaceuticals from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Wall Street Zen cut Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Lifesci Capital upgraded shares of Amylyx Pharmaceuticals to a “strong-buy” rating in a research note on Monday, October 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research report on Monday, December 29th. Finally, Citigroup lifted their price target on shares of Amylyx Pharmaceuticals from $12.00 to $20.00 and gave the company a “buy” rating in a report on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.25.

Amylyx Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $12.97 and a 200-day simple moving average of $11.47. The stock has a market capitalization of $1.50 billion, a P/E ratio of -7.56 and a beta of -0.31.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last announced its earnings results on Thursday, November 6th. The company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.06. Equities research analysts forecast that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling at Amylyx Pharmaceuticals

In other Amylyx Pharmaceuticals news, CEO Joshua B. Cohen sold 7,715 shares of Amylyx Pharmaceuticals stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $11.09, for a total value of $85,559.35. Following the transaction, the chief executive officer owned 3,317,586 shares in the company, valued at approximately $36,792,028.74. The trade was a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Camille L. Bedrosian sold 6,580 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $14.35, for a total value of $94,423.00. Following the completion of the transaction, the insider directly owned 175,756 shares in the company, valued at $2,522,098.60. This represents a 3.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 17,621 shares of company stock worth $216,934. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Commodore Capital LP purchased a new position in Amylyx Pharmaceuticals in the 3rd quarter worth about $55,386,000. First Light Asset Management LLC acquired a new position in shares of Amylyx Pharmaceuticals in the third quarter worth about $45,606,000. Adage Capital Partners GP L.L.C. increased its position in shares of 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 worth $56,408,000 after acquiring an additional 3,102,395 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Amylyx Pharmaceuticals by 418.6% during the first quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock valued at $10,910,000 after acquiring an additional 2,487,617 shares during the period. Finally, Paradigm Biocapital Advisors LP purchased a new stake in shares of Amylyx Pharmaceuticals in the 3rd quarter valued at approximately $25,821,000. 95.84% of the stock is currently owned by institutional investors and hedge funds.

About Amylyx Pharmaceuticals

Amylyx Pharmaceuticals, Inc is a biopharmaceutical company dedicated to developing treatments for rare and debilitating neurological diseases. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company focuses on leveraging novel approaches to target cellular pathways implicated in neurodegeneration. Amylyx’s research platform centers on small-molecule therapies designed to protect neurons and support cellular health in patients with conditions that currently have limited or no disease-modifying treatment options.

The company’s lead product, AMX0035, is marketed under the trade name Relyvrio following U.S.