Shares of clinical-stage biotechnology company Amylyx Pharmaceuticals (NASDAQ:AMLX) are up today after its Amyotrophic Lateral Sclerosis (ALS) treatment AMX0035 received favorable votes (7:2) from the U.S. Food and Drug Administration’s (FDA) advisory committee for approval.
The treatment had received a priority review in December 2021 and a final decision on approval is expected by September 29.
If AMX0035 gets an approval, it will be the first ALS treatment that has shown a substantial “slowing of disease progression and functional decline, as well as extended survival in a randomized, placebo-controlled clinical trial.”
ALS is a progressive and fatal neurodegenerative disorder. AMX0035 is currently conditionally approved in Canada as Albrioza for the treatment of ALS.
Is AMLX Stock a Good Buy?
On the back of these developments, AMLX has scored three Buy ratings today. Overall, the stock has a Strong Buy consensus rating with an average price target of $43.25. This indicates a 55.3% potential upside.
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