Amicus Therapeutics lost over half of its market value since December 20th after the company announced that Phase 3 global registration study of investigational oral migalastat HCl monotherapy in males and females with Fabry disease who had genetic mutations identified as amenable to migalastat HCl in a cell-based assay results have been failed.
We think that FOLD stock found a bottom and ready to bounce back up on the following reasons:
The U.S. Food and Drug Administration agreed to consider the 12-month efficacy and safety data oral migalastat HCl monotherapy versus failed 6-month data
These 12-month data results expected to be available in the first half of 2013
More from pipeline: Amicus’s Phase II Trial of AT2220 drug in the treatment of Pompe Disease that has been well-tolerated and demonstrated no related adverse events
More from pipeline: Amicus’s preclinical AT2101 and AT3375 drug studies for the treatment of Gaucher Disease and the Gaucher-Parkinson’s Link
Amicus is a “cash-rich” company with $100M cash/hands versus almost no debt
FOLD stock is heavily shorted (18 percent of float is shorted) and short squeeze to be expected on any positive company’s updates
JPMorgan Chase Lowers Price Target on Amicus Therapeutics (FOLD)
December 20th, 2012 - 0 comments - Filed Under - by Stacy Sanders
JPMorgan Chase lowered their price target on shares of Amicus Therapeutics (NASDAQ: FOLD) from $9.00 to $5.00 in a research note issued on Thursday. The firm currently has an “overweight” rating on the stock.
Other equities research analysts have also recently issued reports about the stock. Analysts at Leerink Swann cut their price target on shares of Amicus Therapeutics from $9.00 to $5.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Separately, analysts at Capstone downgraded shares of Amicus Therapeutics from a “buy” rating to a “hold” rating in a research note to investors on Thursday. They now have a $3.00 price target on the stock. Finally, analysts at Canaccord Genuity cut their price target on shares of Amicus Therapeutics from $11.00 to $6.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock.