Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX) on behalf of Amylyx stockholders. Our investigation concerns whether Amylyx has violated the federal securities laws and/or engaged in other unlawful business practices.
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On November 9, 2023, Amylyx issued a press release announcing its third quarter (“Q3”) 2023 results, including Q3 GAAP earnings-per-share of $0.30, missing consensus estimates by $0.12. The same day, Investor’s Business Daily published an article entitled “Amylyx Crashes 27% As New ALS Drug Faces A Barrage Of Troubles”. The article cited an ISI analyst, who questioned Amylyx’s claim that the number of new patients starting treatment with its approved drug Relyvrio for amyotrophic lateral sclerosis (a/k/a Lou Gehrig’s disease) was “steady” despite seeing patients drop off of its Relyvrio treatment after six months. Specifically, the analyst noted that his math suggested otherwise and that Amylyx had blocked analysts from seeing Relyvrio prescription data in the summer of this year. The same analyst also stated that, “[k]nowing that [Amylyx’s] stock had underperformed in 2023 already, management could have communicated the discontinuations dynamic much earlier,” and that the “[s]tock move today in a bad biotech tape and fund performance doesn’t help investor confidence among folks that have held onto the stock.”
On this news, Amylyx’s stock price fell $5.74 per share, or 31.89%, to close at $12.26 per share on November 9, 2023.
If you purchased or otherwise acquired Amylyx shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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