Mizuho analyst Graig Suvannavejh lowered the firm’s price target on Amylyx to $27 from $46 and keeps a Buy rating on the shares. The firm’s revised target is based on an updated model where “most notably” it has modified its Relyvrio patient add trajectory. Despite the roughly 40% haircut, its new target still implies about 90% upside from current levels, notes the analyst, who calls Amylyx “a top pick for 2024” ahead of top-line, European investigator-sponsored Phase 3 single agent TUDCA data due in in Q4 of 2023 and top-line Phase 3 PHOENIX data expected in Q2 of 2024.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AMLX:
- These 3 Biotech Stocks Have Strong Upside Potential, Says Deutsche Bank
- Amylyx initiated with bullish view at Deutsche Bank, here’s why
- Amylyx announces data showing effect of AMX0035 on biomarkers in ALS
- Amylyx appoints Camille Bedrosian as chief medical officer
- Amylyx price target lowered to $42 from $47 at BofA