🕒 Created · Updated

Amylyx Pharmaceuticals stock reaches three-year high following successful Phase 3 trial results for avexitide drug

Amylyx Pharmaceuticals stock surged 63% on Tuesday, reaching a three-year high of $35.39 after reporting positive Phase 3 clinical trial results for its drug, avexitide. The medication, which targets post-bariatric hypoglycemia, reduced serious to severe hypoglycemic events by 55% compared to a placebo. This success is significant as there are currently no approved drugs specifically for the condition, which affects a significant portion of patients who undergo bariatric surgery. Co-founders and co-CEOs Justin Klee and Joshua Cohen described the results as a "home run," noting that the drug acts on GLP-1 receptors to stabilize blood sugar levels. The company plans to submit a New Drug Application to the FDA by the end of 2026. Following the trial results, analysts at Stifel more than doubled their price target for the stock. Amylyx Pharmaceuticals acquired the drug for $35 million during a bankruptcy auction, and the company maintains a cash runway that should keep it operational into 2028.

Sources