Amylyx Stock Down With Over 82%, After Pivotal ALS Drug Failure

Amylyx stock ( AMLX ) crashed Friday, losing almost all of its value, after the company said its approved ALS treatment, Relyvrio, failed in a pivotal study.

Patients who received Amylyx Pharmaceuticals' ( AMLX ) Relyvrio showed no significant difference across multiple markers measuring the severity of amyotrophic lateral sclerosis, the longhand name for ALS. In this disease, nerve cells break down, reducing muscle function.

The Food and Drug Administration approved Relyvrio based on a single study in September 2022. But Amylyx ( AMLX ) continued on with a Phase 3 study. Now, Amylyx ( AMLX ) is deciding whether to voluntarily pull the drug from the market in the U.S. and Canada. In Canada, it sells under the brand name Albrioza.

Technical Analysis
On today's stock market, Amylyx ( AMLX ) stock plummeted 82.9% to 3.36. Shares undercut their 50-day and 200-day moving averages, MarketSurge.com shows. That put shares at a record low.

Way Forward For Amylyx Stock?
It's important to note that Relyvrio failed to make a difference across multiple measures, including the key goal of the study: improvement on the revised Amyotrophic Lateral Sclerosis Functional Rating Scale. The company tested Relyvrio over 48 weeks. Secondary measures of the study also flopped.

Amylyx ( AMLX ) says it now expects to have the results of its study in Wolfram syndrome patients in the second quarter.