Baird downgrades Amylyx, sees Relyvrio being withdrawn soon

Baird downgraded Amylyx to Neutral from Outperform with a price target of $4, down from $37. The analyst cites the failure of the Phase 3 PHOENIX trial of the company’s lead agent Relyvrio for amyotrophic lateral sclerosis for the downgrade. Amylyx has paused promotion of Relyvrio, and Baird’s base case is that Relyvrio will be withdrawn from the market soon, the analyst tells investors in a research note. The firm expects the shares to continue trading near cash “for the foreseeable future.”