Cambridge, MA—Camille L. Bedrosian, the Chief Medical (TASE:PMCN) Officer of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX), recently sold a portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Bedrosian sold 5,421 shares of common stock on December 2, 2024. The shares were sold at a weighted average price of $5.5354, totaling approximately $30,007. The transaction comes as AMLX trades near $5.35, down significantly from its 52-week high of $19.95, though notably above its low of $1.57. According to InvestingPro analysis, the company, currently valued at $378 million, appears undervalued based on its Fair Value assessment.
The transaction was necessitated by tax withholding obligations related to the vesting of restricted stock units. The sale was automatic and not at the discretion of Bedrosian. Get deeper insights into AMLX's financial health, which InvestingPro rates as "GOOD," along with exclusive ProTips and comprehensive analysis in the Pro Research Report. Following this transaction, Bedrosian retains ownership of 138,380 shares of Amylyx Pharmaceuticals stock.
In other recent news, Amylyx Pharmaceuticals has been maintaining a steady pace in its drug development pipeline. The company recently reported significant advancements during their Third Quarter 2024 Earnings Conference Call, including the progression of avexitide into a Phase III trial and the commencement of a Phase I clinical trial of AMX0114 in ALS in Canada. Despite a net loss of $72.7 million for the quarter, Amylyx maintains a strong financial standing with $234.4 million in cash and investments.
Goldman Sachs maintained a Neutral rating on Amylyx, with a steady price target of $5.00, emphasizing the acquisition of avexitide from Eiger BioPharmaceuticals as a key element in Amylyx's strategy. Meanwhile, Baird analyst Joel Beatty upgraded Amylyx's rating from Neutral to Outperform, reflecting optimism about the acquisition of avexitide and projecting sales of $815 million by 2033 if the drug is approved.
These recent developments underline Amylyx's continued focus on treatments for neurodegenerative diseases and endocrine conditions. The company's financial loss is mainly attributed to R&D and SG&A expenses, yet Amylyx anticipates a cash runway into 2026, supporting its pipeline development.
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