Amylyx Pharmaceuticals (NASDAQ:AMLX) Rating Increased to Strong-Buy at Baird R W

Baird R W upgraded shares of Amylyx Pharmaceuticals (NASDAQ:AMLX) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Bank of America upgraded shares of Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $4.20 to $10.00 in a research report on Wednesday, October 23rd. HC Wainwright lifted their price target on 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 objective on Amylyx Pharmaceuticals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Finally, Robert W. Baird raised shares of Amylyx Pharmaceuticals from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $3.00 to $11.00 in a report on Monday. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Amylyx Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.43.

Amylyx Pharmaceuticals Stock Performance

Shares of AMLX opened at $5.30 on Monday. Amylyx Pharmaceuticals has a fifty-two week low of $1.58 and a fifty-two week high of $19.95. The firm has a 50-day simple moving average of $4.17 and a 200-day simple moving average of $2.72. The company has a market capitalization of $363.32 million, a price-to-earnings ratio of -1.39 and a beta of -0.70.

Insider Transactions at Amylyx Pharmaceuticals

In other news, Director George M. Milne, Jr. bought 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $2.20 per share, with a total value of $220,000.00. Following the purchase, the director now owns 858,571 shares of the company’s stock, valued at $1,888,856.20. This trade represents a 13.18 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Justin B. Klee sold 18,589 shares of the company’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 completion of the transaction, the chief executive officer now owns 3,120,569 shares in the company, valued at approximately $9,985,820.80. This trade represents a 0.59 % 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 hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its position in Amylyx Pharmaceuticals by 2,768.0% during the second quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock worth $6,348,000 after acquiring an additional 3,224,454 shares during the last quarter. Almitas Capital LLC acquired a new stake in shares of Amylyx Pharmaceuticals during the second quarter worth $3,617,000. abrdn plc grew its position in shares of Amylyx Pharmaceuticals by 1,567.9% in the third 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 period. Acadian Asset Management LLC acquired a new position in Amylyx Pharmaceuticals in the second quarter valued at $2,300,000. Finally, Farallon Capital Management LLC purchased a new position in Amylyx Pharmaceuticals during the first quarter worth about $3,267,000. 95.84% of the stock is currently owned by hedge funds and other institutional investors.

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.