Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Gap Down to $34.62

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLXGet Rating)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $34.62, but opened at $33.49. Amylyx Pharmaceuticals shares last traded at $34.15, with a volume of 1,814 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AMLX shares. SVB Leerink upped their target price on shares of Amylyx Pharmaceuticals from $31.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, September 8th. Citigroup increased their price objective on shares of Amylyx Pharmaceuticals to $51.00 in a research note on Wednesday, November 16th. The Goldman Sachs Group increased their price objective on shares of Amylyx Pharmaceuticals from $22.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 9th. Finally, HC Wainwright increased their price objective on shares of Amylyx Pharmaceuticals from $35.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, October 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Amylyx Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.75.

Amylyx Pharmaceuticals Stock Up 1.6 %

The business’s 50 day moving average price is $33.32 and its 200-day moving average price is $23.97.

Insider Buying and Selling

In related news, major shareholder Global Investors Lp Viking sold 700,000 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $29.37, for a total transaction of $20,559,000.00. Following the completion of the sale, the insider now owns 2,075,470 shares in the company, valued at approximately $60,956,553.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Amylyx Pharmaceuticals

A number of hedge funds have recently made changes to their positions in AMLX. Vanguard Group Inc. increased its position in shares of Amylyx Pharmaceuticals by 253.6% during the 3rd quarter. Vanguard Group Inc. now owns 3,514,356 shares of the company’s stock worth $98,929,000 after purchasing an additional 2,520,355 shares in the last quarter. Perceptive Advisors LLC grew its holdings in Amylyx Pharmaceuticals by 54.6% during the 3rd quarter. Perceptive Advisors LLC now owns 5,472,033 shares of the company’s stock worth $154,038,000 after acquiring an additional 1,931,625 shares during the last quarter. BlackRock Inc. grew its holdings in Amylyx Pharmaceuticals by 223.6% during the 3rd quarter. BlackRock Inc. now owns 2,295,834 shares of the company’s stock worth $64,628,000 after acquiring an additional 1,586,402 shares during the last quarter. Federated Hermes Inc. bought a new stake in Amylyx Pharmaceuticals during the 3rd quarter worth about $37,411,000. Finally, State Street Corp grew its holdings in Amylyx Pharmaceuticals by 321.0% during the 3rd quarter. State Street Corp now owns 827,068 shares of the company’s stock worth $23,282,000 after acquiring an additional 630,603 shares during the last quarter. Institutional investors and hedge funds own 44.65% of the company’s stock.

About Amylyx Pharmaceuticals

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Amylyx Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in developing various therapeutics for amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases. The company's product pipeline includes AMX0035, a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol for the treatment of amyotrophic lateral sclerosis.

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