Shares of Amylyx Pharmaceuticals (NASDAQ: AMLX) were up more than 10% at 9:40 a.m. ET on Monday after the biotech company received an analyst's upgrade. The stock is down more than 34% this year.

Amylyx focuses on therapies to treat neurodegenerative diseases. Its only approved therapy in the U.S. is Relyvrio (formerly AMX0035), to slow the progression of amyotrophic lateral sclerosis (ALS). Relyvrio was approved by the Food and Drug Administration (FDA) last September. The drug is also being examined as a treatment for Alzheimer's disease and Wolfram syndrome. Relyvrio is a combination of sodium phenylbutyrate and taurursodiol.

Goldman Sachs analyst Chris Shibutani upgraded his position on Amylyx from hold to strong buy on Monday and increased its price target from $45 to $49. Several other analysts already have strong buy ratings on the stock. 

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Source Fool.com