Bank of America Increases Amylyx Pharmaceuticals (NASDAQ:AMLX) Price Target to $19.00

Amylyx Pharmaceuticals (NASDAQ:AMLX) had its target price hoisted by Bank of America from $15.00 to $19.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 35.52% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Amylyx Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. HC Wainwright lifted their price objective on shares of Amylyx Pharmaceuticals from $20.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Amylyx Pharmaceuticals in a research note on Monday, December 29th. Finally, Lifesci Capital upgraded Amylyx Pharmaceuticals to a “strong-buy” rating in a research report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.63.

Amylyx Pharmaceuticals Price Performance

Shares of NASDAQ:AMLX opened at $14.02 on Friday. Amylyx Pharmaceuticals has a 12 month low of $2.60 and a 12 month high of $17.49. The firm has a market capitalization of $1.54 billion, a P/E ratio of -7.79 and a beta of -0.31. The company’s fifty day moving average price is $13.46 and its 200 day moving average price is $12.72.

Insider Activity at Amylyx Pharmaceuticals

In related news, insider Camille L. Bedrosian sold 6,580 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $14.35, for a total transaction of $94,423.00. Following the transaction, the insider owned 175,756 shares of the company’s stock, valued at $2,522,098.60. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Firestone bought 8,100 shares of Amylyx Pharmaceuticals stock in a transaction on Tuesday, December 23rd. The stock was acquired at an average cost of $12.45 per share, with a total value of $100,845.00. Following the acquisition, the director owned 63,100 shares of the company’s stock, valued at $785,595. This trade represents a 14.73% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 157,783 shares of company stock worth $2,122,808 in the last three months. 12.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. lifted its stake 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 valued at $56,408,000 after purchasing an additional 3,102,395 shares during the period. Perceptive Advisors LLC lifted its position in shares of Amylyx Pharmaceuticals by 0.4% during the 2nd quarter. Perceptive Advisors LLC now owns 7,902,365 shares of the company’s stock valued at $50,654,000 after acquiring an additional 28,017 shares during the period. TCG Crossover Management LLC boosted its stake in shares of Amylyx Pharmaceuticals by 5.0% during the 3rd quarter. TCG Crossover Management LLC now owns 6,243,812 shares of the company’s stock worth $84,853,000 after acquiring an additional 300,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Amylyx Pharmaceuticals by 10.1% in the 4th quarter. Vanguard Group Inc. now owns 5,804,912 shares of the company’s stock worth $70,123,000 after acquiring an additional 531,162 shares during the period. Finally, Commodore Capital LP boosted its position in Amylyx Pharmaceuticals by 38.6% during the fourth quarter. Commodore Capital LP now owns 5,650,000 shares of the company’s stock worth $68,252,000 after purchasing an additional 1,574,522 shares in the last quarter. Hedge funds and other institutional investors own 95.84% of the company’s stock.

Amylyx Pharmaceuticals Company Profile

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.