5 Unknown Biotech Stocks That Can Explode in 2022

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1. Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX)

Number of Hedge Fund Holders: 18 

Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) is a biotech firm concentrating on the development of treatments for neurodegenerative diseases. On June 13, the company announced that it had obtained approval from authorities in Canada for Albrioza, a drug developed by the company for the treatment of amyotrophic lateral sclerosis (ALS) under certain conditions. The approval is the first global approval for the drug and the first approved in Canada for ALS since 2018. 

On June 14, Citi analyst Neena Bitritto-Garg maintained a Buy rating on Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX) stock and raised the price target to $33 from $32, noting that an approval of a new drug of the firm in Canada was a positive. 

At the end of the first quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $179 million in Amylyx Pharmaceuticals, Inc. (NASDAQ:AMLX). 

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