Why Amylyx Pharmaceuticals Stock Is Bolting Higher Today
Shares of newly minted commercial-stage biotech Amylyx Pharmaceuticals (NASDAQ: AMLX) were up by a noteworthy 12.4% as of 11:39 a.m. ET Tuesday morning. The drugmaker's stock perked up in response to a better-than-expected 2022 fourth-quarter and full-year earnings report released after the closing bell yesterday.
What was the highlight? Sales of Amylyx's recently approved amyotrophic lateral sclerosis (ALS) medication, known as Relyvrio in the U.S. and Albrioza in Canada, crushed Wall Street's consensus estimates for the three-month period. Specifically, the drugmaker reported 2022 fourth-quarter net product sales of $21.9 million. Analysts were anticipating a considerably more modest figure of around $4.72 million.
With few viable treatment options available, there were some rumblings on Wall Street that Relyvrio/Albrioza could benefit from a sizable amount of pent-up demand. And that bullish take appears to be spot-on in light of this initial sales data.
Source Fool.com
