Amylyx downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Amylyx to Neutral from Buy with a price target of $4, down from $40, after the company reported that the Phase 3 PHOENIX trial evaluating the use of Relyvrio in patients with amyotrophic lateral sclerosis, or ALS, did not meet its primary or secondary endpoints. Amylyx will shift focus to the late-stage development of Relyvrio in Wolfram Syndrome and Progressive Supranuclear Palsy, and early-stage development of AMX0114 in ALS, but the firm does not currently ascribe revenue to any of these programs and says de-risking catalysts for two of these three indications “may be more 12 months away.”