BofA raised the firm’s price target on Amylyx (AMLX) to $16 from $14 and keeps a Buy rating on the shares after including net proceeds from the follow-on after the company raised $175M, for net proceeds of $163M, by issuing 17.5M shares at a price of $10 each. The balance sheet boost gives the company flexibility to invest in commercial ramp-up activities at or near the time of Phase 3 LUCIDITY trial results readout for avexitide for post-bariatric hypoglycemia, the analyst tells investors.
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