Citigroup Predicts Significant gains for Amylyx Pharmaceuticals (NASDAQ:AMLX)
NEW YORK, NY – Citigroup analysts issued a bullish forecast for Amylyx pharmaceuticals (NASDAQ:AMLX), anticipating ample price recognition for the biotechnology company’s stock. The firm’s optimism follows increased investment from several prominent institutional investors and hedge funds.
Recent filings reveal significant stake increases in Amylyx Pharmaceuticals during the second and first quarters of 2023. Adage Capital Partners GP L.L.C. boosted its holdings by 54.5%, now owning 8,800,000 shares valued at $56,408,000, after acquiring an additional 3,102,395 shares. Perceptive Advisors LLC increased its position by 0.4%, holding 7,902,365 shares worth $50,654,000, with a purchase of 28,017 shares. Saturn V Capital Management LP lifted its stake by 34.4% to 3,260,570 shares ($20,900,000), adding 834,134 shares.
Millennium Management LLC saw the largest percentage increase, a 418.6% jump in the first quarter, now owning 3,081,853 shares ($10,910,000) after buying 2,487,617 shares.Nantahala Capital Management LLC increased its stake by 102.1% in the first quarter, now holding 2,934,405 shares ($10,388,000) following the purchase of 1,482,252 shares.
Currently, institutional investors and hedge funds collectively own 95.84% of Amylyx Pharmaceuticals’ stock.
Amylyx Pharmaceuticals is a commercial-stage biotechnology company focused on the discovery and development of treatments for amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases. Its key product, RELYVRIO (sodium phenylbutyrate and taurursodiol), is approved in the United states for the treatment of ALS in adults and is marketed as ALBRIOZA in Canada for the same indication.
