Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) Sees Significant Increase in Short Interest

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,290,000 shares, an increase of 27.7% from the October 15th total of 1,010,000 shares. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is presently 1.0 days. Approximately 3.1% of the company’s shares are sold short.

Amylyx Pharmaceuticals Trading Down 5.2 %

Amylyx Pharmaceuticals stock opened at $4.76 on Friday. The firm has a market capitalization of $326.29 million, a price-to-earnings ratio of -1.25 and a beta of -0.70. The firm’s fifty day moving average price is $4.12 and its two-hundred day moving average price is $2.69. Amylyx Pharmaceuticals has a 1-year low of $1.58 and a 1-year high of $19.95.

Analysts Set New Price Targets

AMLX has been the subject of several research analyst reports. HC Wainwright lifted their price objective on shares of Amylyx Pharmaceuticals from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Leerink Partners set a $4.00 price target on shares of Amylyx Pharmaceuticals and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, Bank of America upgraded shares of Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and upped their price objective for the company from $4.20 to $10.00 in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.14.

Insiders Place Their Bets

In other news, CEO Justin B. Klee sold 18,589 shares of Amylyx Pharmaceuticals stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $3.20, for a total value of $59,484.80. Following the completion of the transaction, the chief executive officer now directly owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. This trade represents a 0.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director George M. Milne, Jr. acquired 100,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the purchase, the director now directly owns 858,571 shares in the company, valued at $1,888,856.20. This trade represents a 13.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Amylyx Pharmaceuticals by 52,575.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,276 shares of the company’s stock valued at $43,000 after purchasing an additional 15,247 shares in the last quarter. Swiss National Bank boosted its holdings in Amylyx Pharmaceuticals by 8.7% during the 1st quarter. Swiss National Bank now owns 86,600 shares of the company’s stock worth $246,000 after acquiring an additional 6,900 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Amylyx Pharmaceuticals by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 5,348,139 shares of the company’s stock worth $15,189,000 after acquiring an additional 72,573 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Amylyx Pharmaceuticals by 8.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 970,555 shares of the company’s stock worth $2,757,000 after acquiring an additional 75,775 shares in the last quarter. Finally, Farallon Capital Management LLC purchased a new stake in shares of Amylyx Pharmaceuticals in the first quarter valued at about $3,267,000. 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.