Amylyx selloff on study miss overdone, says Deutsche Bank

Deutsche Bank lowered the firm’s price target on Amylyx to $8 from $36 and keeps a Buy rating on the shares. The analyst thinks the reaction to the PHOENIX trial miss, with shares trading well below year-end 2023 cash levels of $5 per share, is overdone. The shares are already pricing in a market withdrawal scenario for Relyvrio/Albrioza, the analyst tells investors in a research note. The firm continues to believe that a decision “that extreme will be made with care and input from the physician and ALS patient advocacy community.”