A Co-CEO of a leading neurotherapeutics developer reported significant insider selling amid a year of standout stock performance. But the sale is not what it seems.
On Jan. 15 and Jan. 16, 2026, Joshua B Cohen, Co-Chief Executive Officer of Amylyx Pharmaceuticals (AMLX 3.77%), executed an exercise of 200,000 stock options and sold 138,167 shares in open-market transactions for a total consideration of approximately $1.9 million, according to the SEC Form 4 filing.
Transaction summaryMetricValueShares sold (direct)138,167Transaction value$1.9 millionPost-transaction shares (direct)3,379,465Post-transaction value (direct ownership)$48.33 million
Transaction value based on SEC Form 4 weighted average purchase price ($13.59); post-transaction value based on Jan. 16, 2026 market close ($14.30).
Key questionsHow does the size of this transaction compare to Cohen’s historical selling activity?
The 138,167 shares sold in this event are significantly larger than Cohen's historical median sell size of 15,220 shares since September 2024, representing an outlier primarily due to the option exercise and expiration context. How did the sale affect Cohen’s direct ownership stake in Amylyx Pharmaceuticals?
The transaction reduced Cohen’s direct holdings by 3.93%, leaving him with 3,379,465 shares, which equated to an estimated 4.07% insider ownership as of the filing date.Company overviewMetricValue*Price$14.29Market capitalization$1.57 billionNet income (TTM)-$149.28 million*1-year price change313%
* Price and 1-year performance calculated using Jan. 31, 2026 as the reference date.
Company snapshot
Amylyx Pharmaceuticals is a clinical-stage biotechnology company that develops therapeutics for neurodegenerative diseases and endocrine conditions, with a primary focus on amyotrophic lateral sclerosis (ALS).
What this transaction means for investors
It’s important to note that the sales were to cover the option costs and tax obligations associated with the new shares being added. Therefore, the sales weren’t discretionary decisions made by Cohen on those days.
Otherwise, after wiping out all gains from its 2022 IPO, AMLX had a strong year in 2025, soaring approximately 223%. The pharmaceuticals the company has worked on so far have been progressively successful, especially with its flagship therapy, AMX0035, also known as RELYVRIO. The product is designed to help with ALS patients, and it has already been shown to be effective in slowing the progression of the disease and extending the lives of patients with it.
The company is also advancing on one of its most promising product candidates, avexitide, a pharmaceutical that aims to help treat hypoglycemia and hyperinsulinism. The product is currently in phase three of clinical trials and would be a significant revenue generator if proven effective.
What may be of concern for investors is that Amylyx is under investigation for alleged breaches of fiduciary duties by its directors and officers.
The investigation is still ongoing, and multiple law firms have gotten involved. So even though the company’s business operations and stock are performing well, investors interested in the stock should keep an eye on how the investigation unfolds.
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