Baird initiated coverage of Amylyx Pharmaceuticals with an Outperform rating and $37 price target. The analyst models a 40% probability of success for the phase 3 PHOENIX trial of Relyvrio in amyotrophic lateral sclerosis, which has topline results expected in Q2. The stock could quadruple if PHOENIX succeeds, while downside risk might not exceed 30% if the trial fails, the analyst tells investors in a research note. The firm sees a favorable risk/reward heading into the Phase 3 data.
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