Amylyx Pharmaceuticals (NASDAQ:AMLX) Trading 6.5% Higher – Time to Buy?

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) shot up 6.5% during mid-day trading on Monday . The company traded as high as $13.35 and last traded at $13.5140. 171,724 shares traded hands during trading, a decline of 87% from the average session volume of 1,304,042 shares. The stock had previously closed at $12.69.

Analyst Ratings Changes

Several research firms have recently commented on AMLX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research report on Monday. Citigroup upped their price target on Amylyx Pharmaceuticals from $12.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, October 17th. Guggenheim raised their price objective on Amylyx Pharmaceuticals from $17.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. HC Wainwright upped their target price on shares of Amylyx Pharmaceuticals from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Finally, Lifesci Capital upgraded shares of Amylyx Pharmaceuticals to a “strong-buy” rating in a research report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.25.

Amylyx Pharmaceuticals Trading Up 2.6%

The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -7.75 and a beta of -0.34. The stock’s 50-day moving average is $13.58 and its 200-day moving average is $9.27.

Amylyx Pharmaceuticals (NASDAQ:AMLX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.06. On average, equities research analysts anticipate that Amylyx Pharmaceuticals, Inc. will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Justin B. Klee sold 29,975 shares of Amylyx Pharmaceuticals stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $14.38, for a total value of $431,040.50. Following the transaction, the chief executive officer directly owned 3,325,301 shares of the company’s stock, valued at $47,817,828.38. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gina Mazzariello sold 8,828 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $14.58, for a total transaction of $128,712.24. Following the sale, the insider directly owned 148,141 shares of the company’s stock, valued at $2,159,895.78. This represents a 5.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 91,333 shares of company stock valued at $1,319,495 over the last quarter. 12.30% of the stock is currently owned by company insiders.

Institutional Trading of Amylyx Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new position in Amylyx Pharmaceuticals during the 1st quarter valued at about $20,170,000. Commodore Capital LP purchased a new position in shares of Amylyx Pharmaceuticals during the third quarter valued at approximately $55,386,000. First Light Asset Management LLC bought a new stake in Amylyx Pharmaceuticals during the third quarter worth $45,606,000. Millennium Management LLC raised its position in Amylyx Pharmaceuticals by 418.6% in the 1st quarter. Millennium Management LLC now owns 3,081,853 shares of the company’s stock valued at $10,910,000 after buying an additional 2,487,617 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP bought a new position in Amylyx Pharmaceuticals during the 3rd quarter valued at $25,821,000. 95.84% of the stock is currently owned by institutional investors and hedge funds.

Amylyx Pharmaceuticals Company Profile

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.