This sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as per the company’s filing with the Securities and Exchange Commission. Following this transaction, Klee retains ownership of 3,176,788 shares in the company. With a market capitalization of $261 million, InvestingPro analysis suggests the stock is currently undervalued. Get access to detailed insider trading patterns and 12+ additional ProTips with an InvestingPro subscription. With a market capitalization of $261 million, InvestingPro analysis suggests the stock is currently undervalued. Get access to detailed insider trading patterns and 12+ additional ProTips with an InvestingPro subscription. This sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as per the company’s filing with the Securities and Exchange Commission. Following this transaction, Klee retains ownership of 3,176,788 shares in the company.
In other recent news, Amylyx Pharmaceuticals has been making strides in its drug development and collaborations. The company inked a deal with Gubra A/S to develop a novel long-acting GLP-1 receptor antagonist aimed at treating diabetes. The partnership will involve Amylyx making an upfront payment and research payments to Gubra, with the latter potentially receiving over $50 million in development and commercialization milestones.
Amylyx’s promising drug avexitide is set for a critical Phase 3 trial and has received varied ratings from analysts. H.C. Wainwright has given a Buy rating, Goldman Sachs maintains a Neutral rating, and Baird has upgraded the stock to Outperform. The drug, recently acquired from Eiger BioPharmaceuticals, is being developed to treat post-bariatric hypoglycemia, a condition currently lacking approved drugs.
On the financial front, Amylyx reported a net loss of $72.7 million in their Third Quarter 2024 Earnings Conference Call, largely due to research and development and administrative expenses. Despite this, the company maintains a strong financial standing with $234.4 million in cash and investments, indicating a projected cash runway into 2026. These are the recent developments in Amylyx Pharmaceuticals’ operations.
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