Alpha Wave Global LP Acquires New Holdings in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)

Alpha Wave Global LP bought a new position in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 669,487 shares of the company’s stock, valued at approximately $2,169,000. Amylyx Pharmaceuticals makes up 0.7% of Alpha Wave Global LP’s holdings, making the stock its 14th largest position.

Several other hedge funds have also recently bought and sold shares of the stock. abrdn plc lifted its holdings 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 in the last quarter. Almitas Capital LLC acquired a new position in Amylyx Pharmaceuticals during the 2nd quarter worth approximately $3,617,000. Acadian Asset Management LLC bought a new position in shares of Amylyx Pharmaceuticals during the 2nd quarter worth approximately $2,300,000. AQR Capital Management LLC raised its holdings in shares of Amylyx Pharmaceuticals by 2,768.0% in the second quarter. AQR Capital Management LLC now owns 3,340,943 shares of the company’s stock valued at $6,348,000 after purchasing an additional 3,224,454 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Amylyx Pharmaceuticals in the second quarter worth $400,000. 95.84% of the stock is currently owned by institutional investors and hedge funds.

Amylyx Pharmaceuticals Stock Down 3.7 %

NASDAQ:AMLX opened at $5.45 on Wednesday. Amylyx Pharmaceuticals, Inc. has a 12-month low of $1.58 and a 12-month high of $19.95. The firm has a market capitalization of $373.60 million, a price-to-earnings ratio of -1.43 and a beta of -0.70. The stock’s 50 day moving average price is $4.49 and its two-hundred day moving average price is $2.86.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on AMLX shares. Robert W. Baird raised shares of Amylyx Pharmaceuticals from a “neutral” rating to an “outperform” rating and raised their target price for the company from $3.00 to $11.00 in a research report on Monday, November 18th. Leerink Partners set a $4.00 price objective on Amylyx Pharmaceuticals and gave the company a “market perform” rating in a report on Friday, October 18th. Baird R W upgraded Amylyx Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. HC Wainwright raised 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. Finally, Bank of America upgraded 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 note on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Amylyx Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $11.43.

Insider Buying and Selling

In related news, CEO Justin B. Klee sold 18,589 shares of Amylyx Pharmaceuticals 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 sale, the chief executive officer now owns 3,120,569 shares of the company’s stock, valued at approximately $9,985,820.80. The trade was a 0.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director George M. Milne, Jr. purchased 100,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now owns 858,571 shares in the company, valued at approximately $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. 11.70% of the stock is owned by insiders.

Amylyx Pharmaceuticals 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.