H.C. Wainwright raised its price target on Amylyx Pharmaceuticals (NASDAQ: AMLX) to $55 on Tuesday, a move that followed positive Phase 3 data for the company's experimental drug avexitide in post-bariatric hypoglycemia.
The Lucidity trial enrolled 78 adults who developed the condition after weight-loss surgery. Participants received a once-daily injection of avexitide or placebo for 16 weeks. The drug reduced the combined rate of Level 2 and Level 3 hypoglycemic events by 55%, meeting the FDA-agreed primary endpoint. Level 2 events involve clinically significant low blood sugar; Level 3 episodes are severe enough to require assistance from another person. The study also met all secondary endpoints.
Shares surged more than 47% on the news, marking the stock's best single-day gain in nearly four years and pushing it to a 52-week high. During mid-day trading, AMLX reached $28.95 and last changed hands at $29.81 on volume of 3.48 million shares, well above the previous close of $21.43.
The result positions avexitide as a potential first approved treatment for post-bariatric hypoglycemia. Amylyx plans to submit a New Drug Application to the FDA by the end of 2026. The company has no currently approved products after withdrawing its ALS therapy Relyvrio in 2024 following a failed late-stage trial.