Mizuho analyst Graig Suvannavejh downgraded Amylyx Pharmaceuticals to Neutral from Buy with a price target of $4, down from $32, following last week’s negative Phase 3 PHOENIX result for AMX0035. The firm’s new base case assumption is that Amylyx will voluntarily withdraw Relyvrio from the market. It expects to hear from the company on its update for Relyvrio in the May timeframe, but until then, has chosen to value the company on a discounted cash per share basis.
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