BofA Securities Lifts Amylyx Pharmaceuticals Inc. (AMLX) Price Target Amid Bolstered Balance Sheet

Amylyx Pharmaceuticals Inc. (NASDAQ:AMLX) is one of billionaire Steve Cohen’s small-cap stock picks with huge upside potential. On October 3, Bank of America Securities raised the stock’s price target to $16 from $14 while maintaining a ‘Buy’ rating.

The price target hike comes on the heels of Amylyx Pharmaceuticals Inc. (NASDAQ:AMLX) raising $175 million on the issuance of 17.5 million shares. Net proceeds from the offering totaled $163 million, extending the company’s cash runway to beyond 2027.

The strengthened balance sheet provides the company with the much-needed runway to invest in commercial ramp-up activities. Amylyx is working on pivotal Phase 3 LUCIDITY trial results for avexitide in post-bariatric hypoglycemia. The results are expected in the first half of 2026.  It’s also on course to deliver cohort data from the AMX0114 program in ALS by year’s end.

Amylyx Pharmaceuticals Inc. (NASDAQ:AMLX) is a biopharmaceutical company that focuses on discovering and developing novel treatments for neurodegenerative diseases and other serious conditions with high unmet medical needs, including amyotrophic lateral sclerosis (ALS).

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Disclosure: None. This article is originally published at Insider Monkey.