5 Best Biotech Stocks To Buy Under $20

2. Amylyx Pharmaceuticals Inc (NASDAQ:AMLX)

Price: $3.36

Nr of Hedge Funds Shareholders: 36

Amylyx Pharmaceuticals Inc (NASDAQ:AMLX) saw Andreas Halvorsen’s Viking Global and Steve Cohen’s Point72 Asset Management among its top shareholders as of the end of December, with each fund holding 2.96 million shares and 2.75 million shares, respectively. Amylyx Pharmaceuticals Inc (NASDAQ:AMLX)’s work is centered around neurodegenerative diseases. Its leading product, AMX0035 for the treatment of amyothropic lateral sclerosis (ALS), was approved by the US FDA under the trade name RELYVRIO in September 2022 and had previously been approved in Canada under the name ALBRIOZA. However, in October 2023, the European Medicines Agency confirmed its previously-issued negative opinion on the drug.

On March 8, the company’s stock took an 82% dive, following negative results from Phase 3 trial of AMX0035. The drug did not meet primary or secondary endpoints. Amylyx Pharmaceuticals Inc (NASDAQ:AMLX) plans to continue to engage with regulators and the ALS community to discuss the results and make decisions on the next steps, including a potential withdrawal of the drug from the market.