Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) by 41.6% in the third quarter, HoldingsChannel reports. The fund owned 880,745 shares of the company’s stock after buying an additional 258,818 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Amylyx Pharmaceuticals were worth $2,854,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. abrdn plc grew its position in Amylyx Pharmaceuticals by 1,567.9% during the third quarter. abrdn plc now owns 1,972,242 shares of the company’s stock valued at $6,390,000 after acquiring an additional 1,853,995 shares during the period. Almitas Capital LLC acquired a new stake in Amylyx Pharmaceuticals during the 2nd quarter worth approximately $3,617,000. Acadian Asset Management LLC purchased a new position in Amylyx Pharmaceuticals in the second quarter valued at approximately $2,300,000. AQR Capital Management LLC raised its holdings in 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 buying an additional 3,224,454 shares during the period. Finally, XTX Topco Ltd acquired a new position in Amylyx Pharmaceuticals during the second quarter valued at approximately $400,000. 95.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMLX has been the topic of a number of research reports. 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 note on Monday, November 18th. Bank of America raised Amylyx Pharmaceuticals from a “neutral” rating to a “buy” rating and upped their target price for the stock from $4.20 to $10.00 in a research report on Wednesday, October 23rd. HC Wainwright increased their target price on Amylyx Pharmaceuticals from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Baird R W upgraded Amylyx Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. Finally, Leerink Partners set a $4.00 price objective on shares of Amylyx Pharmaceuticals and gave the company a “market perform” rating in a research note on Friday, October 18th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.43.

Amylyx Pharmaceuticals Stock Up 1.5 %

Shares of AMLX opened at $5.27 on Monday. Amylyx Pharmaceuticals, Inc. has a 52-week low of $1.58 and a 52-week high of $19.95. The firm has a market cap of $361.25 million, a price-to-earnings ratio of -1.38 and a beta of -0.70. The business’s 50 day moving average is $4.38 and its two-hundred day moving average is $2.81.

Insider Activity at Amylyx Pharmaceuticals

In other news, Director George M. Milne, Jr. bought 100,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the transaction, the director now owns 858,571 shares in the company, valued at $1,888,856.20. The trade was a 13.18 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Justin B. Klee sold 18,589 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $3.20, for a total value of $59,484.80. Following the sale, the chief executive officer now directly owns 3,120,569 shares in the company, valued at approximately $9,985,820.80. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by corporate insiders.

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.