Amylyx Pharmaceuticals (NASDAQ:AMLX) stock is trending higher after the company announced that the U.S. Food and Drug Administration (FDA) has approved its Relyvrio drug for the treatment of amyotrophic lateral sclerosis or ALS (also called Lou Gehrig’s disease) in adults. Amylyx’s ALS drug showed a significant slowing in the loss of physical function in ALS patients in a randomized clinical trial. ALS impacts nerve cells in the brain and spinal cord that make muscles work, thus causing progressive paralysis and death.
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AMLX stock was up nearly 11% in Friday’s pre-market trading following a strong rally in Thursday’s extended trading session. Margaret Olinger, Amylyx’s Global Head of Commercial and Chief Commercial Officer stated, “Physicians will be able to prescribe immediately, and we anticipate specialty pharmacies will be able to start to fill prescriptions and ship RELYVRIO to people with ALS in the next four to six weeks.”
Earlier this month, Amylyx announced that an FDA committee had voted 7:2 in favor of its ALS drug. Meanwhile, the company stated that it will be pricing Relyvrio lower than the latest FDA-approved treatment accessible to ALS patients.
Is AMLX Stock a Buy?
On TipRanks, Amylyx earns a Strong Buy consensus rating based on three Buys and one Hold rating. The average Amylyx stock price prediction of $43.25 implies 43.3% upside potential from current levels. AMLX stock has advanced by a whopping 102% over the past six months. The company went public in January this year.
