Amylyx Pharmaceuticals Inc's stock moved 14.5% higher in after-hours trading Monday. The company announced it will release topline results from its Phase 3 LUCIDITY Clinical Trial of avexitide on August 18. Avexitide is a first-in-class GLP-1 receptor antagonist being developed for post-bariatric hypoglycemia. Earlier Monday, Mizuho analyst Graig Suvannavejh raised the price target on Amylyx to $30.00 from $24.00. The analyst noted that Amylyx shares have risen 79% year-to-date.
Trial Details
Amylyx's senior management team will host a conference call and audio webcast at 8:00 a.m. ET on August 18 to discuss the results. The new price target implies 39% upside potential and estimated a potential incremental $10-15 move higher from current levels on a positive Phase 3 data outcome.