Amylyx down after analysts downgrade stock post ALS drug's failure in crucial study

Amylyx Pharmaceuticals

12/03/2024 13:07

** Shares of drugmaker Amylyx Pharmaceuticals  AMLX.O  fall
5.8% to $3.58 premarket
    ** AMLX shares hit a record low on Friday after company said
it was considering withdrawing its amyotrophic lateral sclerosis
(ALS) treatment, Relyvrio, from the market after the drug failed
to slow disease progression in a late-stage trial
    ** Brokerage Baird cuts rating to "neutral" from "buy" and
cuts PT to $4 from $37
    ** At least two other brokerages have downgraded stock since
Friday
    ** H.C. Wainwright cuts PT to $8 from $42
    ** Given the outcome of the trial, removal of Relyvrio in
ALS "is imminent in the second quarter" - brokerage
    ** Up to last close, stock down 87.6% in the last 12 months

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com))