Amylyx shares slide on FDA's ALS drug doubts

Shares in US company Amylyx Pharmaceuticals (Nasdaq: AMLX) have dropped by more than a third since Friday.

The cause of this dramatic drop is the publication of US Food and Drug Administration (FDA) briefing documents ahead of a Peripheral and Central Nervous System Drugs Advisory Committee meeting on Wednesday.

This meeting relates to Amylyx’s hopes to gain FDA approval for its AMX0035 candidate in amyotrophic lateral sclerosis (ALS), a rapidly progressive and fatal neurodegenerative disease that primarily affects motor neurons in the cerebral motor cortex, brainstem, and spinal cord.