Amylyx Pharmaceuticals (NASDAQ:AMLX) Shares Down 5.1%

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) shares were down 5.1% on Thursday . The stock traded as low as $12.40 and last traded at $12.41. Approximately 116,347 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,157,586 shares. The stock had previously closed at $13.08.

Analyst Ratings Changes

Several research analysts recently weighed in on AMLX shares. The Goldman Sachs Group cut their target price on Amylyx Pharmaceuticals from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. HC Wainwright cut their price objective on Amylyx Pharmaceuticals from $50.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $46.00.

Amylyx Pharmaceuticals Stock Down 0.5 %

The firm has a market capitalization of $814.97 million, a price-to-earnings ratio of -603.50, a P/E/G ratio of 0.23 and a beta of -0.68. The stock has a 50 day moving average of $17.17 and a 200 day moving average of $21.39.

Hedge Funds Weigh In On Amylyx Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. grew its stake in Amylyx Pharmaceuticals by 96.6% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,730 shares of the company’s stock worth $32,000 after purchasing an additional 850 shares in the last quarter. Royal Bank of Canada boosted its stake in Amylyx Pharmaceuticals by 36.2% in the third quarter. Royal Bank of Canada now owns 1,373 shares of the company’s stock valued at $38,000 after acquiring an additional 365 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Amylyx Pharmaceuticals during the second quarter valued at approximately $39,000. Wells Fargo & Company MN raised its holdings in shares of Amylyx Pharmaceuticals by 79.6% during the fourth quarter. Wells Fargo & Company MN now owns 1,719 shares of the company’s stock valued at $64,000 after buying an additional 762 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of Amylyx Pharmaceuticals by 166.4% during the second quarter. Osaic Holdings Inc. now owns 3,522 shares of the company’s stock valued at $76,000 after buying an additional 2,200 shares during the last quarter. 87.70% of the stock is currently 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.