AMLX vs CNS: How Amylyx Pharmaceuticals and Cohen & Steers Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMLX and CNS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMLX and CNS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Amylyx Pharmaceuticals develops treatments for neurodegenerative and endocrine conditions with few or no approved options. Its lead program is avexitide, a GLP-1 antagonist being tested in adults with post-bariatric hypoglycemia (PBH), a condition where people who have had Roux-en-Y gastric bypass surgery experience severe blood-sugar crashes. The pivotal Phase 3 LUCIDITY trial enrolled 78 participants across a 16-week blinded period, completed its final participant visit in mid-2026, and reads out topline in late August or early September 2026. Behind it sit AMX0035 in Wolfram syndrome (a focused pivotal Phase 3 was guided for the second half of 2026 after extended Phase 2 HELIOS data showed trends in pancreatic function and vision stabilization), AMX0114 in ALS (Phase 1 LUMINA data reported as safety-supportive), and AMX0318 in IND-enabling studies.

Full AMLX guide

Cohen & Steers is a global investment manager founded in 1986 that specializes in real assets and alternative income, including listed real estate (REITs), infrastructure, preferred securities, and multi-strategy real assets. It organized the first US real estate securities mutual fund and remains one of the largest managers of REIT securities in the world, with roughly two-thirds of assets in listed real estate. The firm earns management fees on the assets it runs across open-end funds, closed-end funds, institutional accounts, and newer vehicles like its non-traded REIT (CNSREIT).

Full CNS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMLX drivers: The LUCIDITY Phase 3 readout; A market with no approved therapy.
• CNS drivers: Rate-cut tailwind for real assets; Return to organic growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The concentration risk is the dominant one: a single Phase 3 readout in a small 78-patient trial decides most of the equity value, and small trials are more vulnerable to placebo response and endpoint variability than large ones. For CNS, cNS revenue is almost entirely tied to AUM, so equity or bond market drawdowns directly cut fees and earnings.

Pick AMLX if you believe its drivers more; CNS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMLX and CNS guides.

AMLX. Standard valuation multiples do not apply here because there is no revenue and no path to profitability without an approval. The market is pricing a probability of avexitide reaching the market against a fully funded cost base, which is why the roughly $2 billion capitalization sits on top of about $250 million of cash and an annualized loss near $170 million. Watch the cash line and the runway guidance each quarter, because that is what determines whether Amylyx negotiates a post-readout financing from strength or from need.

CNS. As of April 2026, CNS traded around a mid-20s price-to-earnings multiple with a dividend yield near 3.7%, reflecting its status as a profitable, dividend-paying specialty manager. Q1 2026 revenue of about $145.6 million grew roughly 8% year over year, and operating margin improved to about 34%. Because fees scale with AUM, valuation and earnings hinge on the direction of markets and flows into real-asset strategies.

Headline figures (approximate, August 2026): AMLX shows product revenue None (Relyvrio withdrawn in 2024), cash and equivalents ~$250.8M (June 30, 2026), cash runway Guided into 2028, r&d expense (h1 2026) ~$51.4M; CNS shows assets under management ~$93.1B, revenue (q1 2026) ~$145.6M, q1 2026 net inflows ~$497M, diluted eps (q1 2026) ~$0.82.

AMLX and CNS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMLX and CNS exposure against your real portfolio. It is not an investment adviser.