Here's How Citi Views Amylyx Pharma - Amylyx Pharmaceuticals (NASDAQ:AMLX)

Citi Research has raised the price target on Amylyx Pharmaceuticals Inc's (NASDAQ:AMLX) to $33 from $32, with a Buy rating.
It says the small market opportunity for the newly approved amyotrophic lateral sclerosis (ALS) drug in Canada (~$100 million peak) bodes well for ongoing FDA review.
Availability in Canada and using ALSFRS-R data as the primary basis for approval could pressure the FDA.
The analyst cites the political implications of an FDA rejection (CDER Director Cavazzoni's congressional testimony last year on ALS), weaknesses in the FDA's arguments on ALSFRS-R analyses in CENTAUR, and potential concerns around Canadian importation.
The Institute for Clinical and Economic Review (ICER) has released a new analysis to determine the ALS drug's cost-effectiveness.
Current analysis suggests no — for now.
Though Amylyx has not disclosed the price for AMX0035, branded as Albrioza in Canada, ICER pegged $169,000 per year, similar to an older ALS medicine, edaravone.
ICER says that the drug would not be cost-effective to the U.S. healthcare system at the above price point and far from it.
It notes that the price will be finalized after a public comment period in early August.
Price Action: AMLX shares are up 17.38% at $15.26 during the market session on the last check Tuesday.

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