Amicus Receives a Buy from Leerink Swann

By Ryan Adsit

Leerink Swann analyst Joseph Schwartz reiterated a Buy rating on Amicus (NASDAQ: FOLD) yesterday and set a price target of $17. The company’s shares opened today at $7.35.

Schwartz wrote:

“We are reiterating our OP rating on FOLD but reducing our PT to $17 on changes to product launch estimates. Galafold is treating 50 pts. (as of Oct 31) with new mkts. soon- to-come online by YE16; US regulatory update also by YE16. With reimbursement secured in 5 countries, regulatory submissions are complete in 6 ex-EU territories, and pricing discussions are underway in 15 countries. Amicus has also received a favorable opinion in the NICE draft guidance (UK) with the final decision expected by YE16/early 2017.”

According to TipRanks.com, Schwartz is a 5-star analyst with an average return of 9.4% and a 44.7% success rate. Schwartz covers the Healthcare sector, focusing on stocks such as DBV Technologies S.A. – American, Proteostasis Therapeutics Inc, and Achillion Pharmaceuticals.

Currently, the analyst consensus on Amicus is Strong Buy and the average price target is $17, representing a 131.3% upside.

In a report released yesterday, Cowen & Co. also reiterated a Buy rating on the stock with a $15 price target.

The company has a one year high of $11.78 and a one year low of $4.98. Currently, Amicus has an average volume of 1.97M.

Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Perceptive Advisors Llc, a Major Shareholder at FOLD sold 1,100,000 shares for a total of $7,491,000.

Amicus Therapeutics, Inc. is a biopharmaceutical company focuses on the discovery, development and commercialization of orally administered, small molecule drugs known as pharmacological chaperones for the treatment of rare diseases, pharmacological chaperones are a novel, first-in-class approach to treating a broad range of diseases, including lysosomal storage disorders and diseases of neurodegeneration. Amicus develops pharmacological chaperones oral therapies that bind to and stabilize the affected proteins, restoring their shape, proper trafficking, and biological activity. The company was founded on February 4, 2002 and is headquartered in Cranbury, NJ.