Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) Sees Large Growth in Short Interest

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 1,570,000 shares, a growth of 8.3% from the November 30th total of 1,450,000 shares. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is presently 1.2 days. Currently, 3.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have commented on AMLX. Baird R W raised shares of Amylyx Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 18th. Robert W. Baird raised shares of Amylyx Pharmaceuticals from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $3.00 to $11.00 in a report on Monday, November 18th. HC Wainwright reiterated a “buy” rating and issued a $12.00 price target on shares of Amylyx Pharmaceuticals in a report on Thursday, December 5th. Leerink Partners set a $4.00 price target on Amylyx Pharmaceuticals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, Bank of America raised shares of Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and lifted their target price for the company from $4.20 to $10.00 in a report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.33.

Amylyx Pharmaceuticals Stock Performance

NASDAQ:AMLX opened at $3.78 on Thursday. The company has a fifty day moving average of $5.03 and a two-hundred day moving average of $3.36. Amylyx Pharmaceuticals has a fifty-two week low of $1.58 and a fifty-two week high of $19.95. The stock has a market capitalization of $259.11 million, a PE ratio of -0.99 and a beta of -0.68.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in Amylyx Pharmaceuticals by 2,768.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock worth $6,348,000 after buying an additional 3,224,454 shares in the last quarter. Almitas Capital LLC purchased a new stake in shares of Amylyx Pharmaceuticals during the second quarter worth approximately $3,617,000. abrdn plc raised its stake in Amylyx Pharmaceuticals by 1,567.9% in the 3rd quarter. abrdn plc now owns 1,972,242 shares of the company’s stock valued at $6,390,000 after purchasing an additional 1,853,995 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Amylyx Pharmaceuticals in the 2nd quarter valued at $2,300,000. Finally, Alpha Wave Global LP purchased a new position in Amylyx Pharmaceuticals in the 3rd quarter valued at $2,169,000. Institutional investors and hedge funds own 95.84% of the company’s stock.

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.