CAMBRIDGE, MA—Joshua B. Cohen, the Co-Chief Executive Officer of Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX), has sold 7,471 shares of the company's common stock, according to a recent SEC filing. The shares were sold at an average price of $4.0466, amounting to a total transaction value of $30,232. Following this sale, Cohen retains ownership of 3,213,098 shares. The transaction occurs as AMLX, currently valued at $261 million, trades near $3.77, significantly below its 52-week high of $19.95. According to InvestingPro analysis, the stock appears undervalued, with a "GOOD" Financial Health rating.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units. These transactions were automatic and not at Cohen's discretion, as per the filing footnotes. The shares were sold in multiple transactions, with prices ranging from $3.99 to $4.09. For deeper insights into AMLX's valuation and comprehensive analysis, access the full Pro Research Report available on InvestingPro.
In other recent news, Amylyx Pharmaceuticals reported significant developments in its drug pipeline during its third quarter 2024 earnings conference call. Despite a net loss of $72.7 million, mainly due to research and development and administrative expenses, the company indicated a strong financial standing with $234.4 million in cash and investments, and a projected cash runway into 2026. Amylyx has also recently entered a collaboration with Gubra A/S to develop a novel long-acting GLP-1 receptor antagonist for diabetes treatment.
The company's drug avexitide, acquired from Eiger BioPharmaceuticals, is set for a critical Phase 3 trial and has received various ratings from financial firms. H.C. Wainwright has given it a Buy rating, Goldman Sachs maintained a Neutral rating, and Baird upgraded its rating from Neutral to Outperform. These ratings reflect optimism about avexitide's potential to treat post-bariatric hypoglycemia, a condition currently lacking approved drugs.
These are recent developments in Amylyx's operations, reflecting their continued focus on treatments for neurodegenerative diseases and endocrine conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.