The firm's price target implies shares could rally 117%.
It's a good time to buy into beat-down Amylyx Pharmaceuticals as investors could be underestimating one of its trials, according to Goldman Sachs. Analyst Corinne Jenkins upgraded the pharmaceutical stock to buy from neutral and increased her price target by $4 to $49. Her new price target implies shares can surge 117% from Friday's close. Shares were up about 6% in trading on Monday. Still, the stock is down about 35% this year.
mountain Amylyx pops in Monday's session Jenkins said the company had a better-than-expected commercial launch of Relyvrio, which is used for amyotrophic lateral sclerosis, or ALS, a progressive neurodegenerative disease that is commonly referred to as Lou Gehrig's disease in the U.S. But investors have been concerned about the stock because of low expectations going into the phase 3 Phoenix study for Relyvrio.
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