Amylyx upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Corinne Jenkins upgraded Amylyx Pharmaceuticals to Buy from Neutral with a price target of $49, up from $45, reflecting 117% upside to the shares. Amylyx has significantly underperformed year-to-date despite a better-than-expected U.S. commercial launch of Relyvrio in amyotrophic lateral sclerosis, due primarily due to concerns related to the likelihood of success in the ongoing Phase 3 PHOENIX study, the analyst tells investors in a research note. However, the firm sees an over 60% chance that PHOENIX demonstrates statistical significance. As such, it sees an attractive entry point for the stock.