Amylyx Pharmaceuticals inc. (AMLX) PT Raised to $55 at Guggenheim

Guggenheim analyst Seamus Fernandez raised the price target on Amylyx Pharmaceuticals inc. (NASDAQ: AMLX) to $55.00 (from $40.00) while maintaining a Buy rating.

The analyst commented: "We are updating our model for LUCIDITY's positive results, which achieved our bull case — we are raising our PT to $55 (from $40 prior) as avexitide's striking efficacy and favorable tolerability should support strong uptake in our estimated ~30,000 severe PBH patients in the US as well as the broader ~160,000 mod-sev PBH population. Avexitide achieved reduction of 55% (p<0.000003) compared to placebo in LUCIDITY, which beat our and what we believe to be the Street’s expectations. Importantly, mgmt confirmed that the results are highly consistent with 4wk Ph2 PREVENT study ahead of further details at a medical conference. Strikingly, EVERY eligible patient (completed LUCIDITY; >90% of participants) enrolled in the OLE. With long-acting GLP-1 antagonist AMX0318 poised to enter the clinic next year, we believe LUCIDITY sets up AMLX to generate multi-$B annual revs into the 2040s. We believe today's results are just the beginning as AMLX launches into an untapped $10B+ PBH market (from $6B+ prior as we now include moderate patients), with further potential upside from other gastric surgery-related hypoglycemia. Reiterate BUY and BEST IDEA."

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