Baird R W Upgrades Amylyx Pharmaceuticals (NASDAQ:AMLX) to “Strong-Buy”

Amylyx Pharmaceuticals (NASDAQ:AMLX) was upgraded by equities research analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts have also recently issued reports about the company. Robert W. Baird raised Amylyx Pharmaceuticals from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $3.00 to $11.00 in a research report on Monday. HC Wainwright upped their price target on Amylyx Pharmaceuticals from $8.00 to $12.00 and gave the company a “buy” rating in a report on Friday, November 8th. Bank of America upgraded shares of Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their price target for the company from $4.20 to $10.00 in a research note on Wednesday, October 23rd. Finally, Leerink Partners set a $4.00 price objective on shares of Amylyx Pharmaceuticals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.43.

Amylyx Pharmaceuticals Trading Down 1.5 %

Amylyx Pharmaceuticals stock opened at $5.22 on Monday. The company has a fifty day simple moving average of $4.22 and a 200-day simple moving average of $2.74. The stock has a market cap of $357.83 million, a P/E ratio of -1.37 and a beta of -0.70. Amylyx Pharmaceuticals has a 12-month low of $1.58 and a 12-month high of $19.95.

Insider Buying and Selling

In related news, CEO Justin B. Klee sold 18,589 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $3.20, for a total transaction of $59,484.80. Following the sale, the chief executive officer now owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. The trade was a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Camille L. Bedrosian sold 11,442 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $3.20, for a total transaction of $36,614.40. Following the completion of the transaction, the insider now directly owns 143,801 shares of the company’s stock, valued at approximately $460,163.20. This trade represents a 7.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in AMLX. AQR Capital Management LLC grew its position in shares of Amylyx Pharmaceuticals by 2,768.0% in the second quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock valued at $6,348,000 after purchasing an additional 3,224,454 shares during the last quarter. Almitas Capital LLC purchased a new stake in Amylyx Pharmaceuticals in the 2nd quarter valued at approximately $3,617,000. abrdn plc increased its position in Amylyx Pharmaceuticals by 1,567.9% during the third quarter. abrdn plc now owns 1,972,242 shares of the company’s stock worth $6,390,000 after buying an additional 1,853,995 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Amylyx Pharmaceuticals in the second quarter worth $2,300,000. Finally, Farallon Capital Management LLC acquired a new position in shares of Amylyx Pharmaceuticals in the first quarter worth $3,267,000. 95.84% of the stock is owned by institutional investors and hedge funds.

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.