Amicus Therapeutics (NASDAQ:FOLD) Receives Neutral Rating from Citigroup

Citigroup reaffirmed their neutral rating on shares of Amicus Therapeutics (NASDAQ:FOLD) in a report published on Monday morning,Benzinga reports. The brokerage currently has a $14.50 target price on the biopharmaceutical company’s stock, down from their prior target price of $17.00.

A number of other equities research analysts also recently issued reports on FOLD. Zacks Research upgraded Amicus Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Cantor Fitzgerald cut Amicus Therapeutics from an “overweight” rating to a “hold” rating and lowered their price target for the company from $21.00 to $14.50 in a report on Friday. Needham & Company LLC downgraded Amicus Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday. The Goldman Sachs Group boosted their price objective on Amicus Therapeutics from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of Amicus Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Amicus Therapeutics has an average rating of “Hold” and a consensus price target of $15.81.

Amicus Therapeutics Price Performance

Shares of NASDAQ:FOLD opened at $14.21 on Monday. The company has a 50 day moving average of $9.60 and a 200 day moving average of $7.91. The stock has a market cap of $4.38 billion, a P/E ratio of -355.16 and a beta of 0.46. Amicus Therapeutics has a 12 month low of $5.51 and a 12 month high of $14.36. The company has a current ratio of 2.99, a quick ratio of 2.09 and a debt-to-equity ratio of 1.70.

Amicus Therapeutics (NASDAQ:FOLD) last posted its earnings results on Tuesday, November 4th. The biopharmaceutical company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.05. Amicus Therapeutics had a negative net margin of 2.35% and a positive return on equity of 6.95%. The business had revenue of $169.06 million for the quarter, compared to analysts’ expectations of $165.24 million. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 EPS. As a group, sell-side analysts forecast that Amicus Therapeutics will post 0.15 EPS for the current fiscal year.

Insider Transactions at Amicus Therapeutics

In other Amicus Therapeutics news, insider David Michael Clark sold 25,643 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $11.00, for a total transaction of $282,073.00. Following the transaction, the insider directly owned 271,332 shares in the company, valued at $2,984,652. This trade represents a 8.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeff Castelli sold 76,158 shares of Amicus Therapeutics stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $10.16, for a total transaction of $773,765.28. Following the transaction, the insider directly owned 439,318 shares in the company, valued at $4,463,470.88. This trade represents a 14.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 319,808 shares of company stock valued at $3,293,653 over the last 90 days. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Amicus Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in FOLD. Vestal Point Capital LP raised its position in Amicus Therapeutics by 178.4% in the 2nd quarter. Vestal Point Capital LP now owns 11,900,000 shares of the biopharmaceutical company’s stock worth $68,187,000 after purchasing an additional 7,625,000 shares during the period. Norges Bank purchased a new stake in Amicus Therapeutics during the second quarter valued at about $18,540,000. Assenagon Asset Management S.A. grew its stake in shares of Amicus Therapeutics by 641.2% during the second quarter. Assenagon Asset Management S.A. now owns 3,533,854 shares of the biopharmaceutical company’s stock valued at $20,249,000 after buying an additional 3,057,072 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Amicus Therapeutics by 635.1% in the first quarter. Millennium Management LLC now owns 3,359,389 shares of the biopharmaceutical company’s stock worth $27,413,000 after buying an additional 2,902,375 shares during the period. Finally, Redmile Group LLC increased its holdings in shares of Amicus Therapeutics by 35.1% in the first quarter. Redmile Group LLC now owns 9,533,669 shares of the biopharmaceutical company’s stock worth $77,795,000 after buying an additional 2,478,779 shares during the period.

Amicus Therapeutics News Roundup

Here are the key news stories impacting Amicus Therapeutics this week:

• Positive Sentiment: BioMarin announced a proposed $4.8 billion acquisition of Amicus — a material corporate event that typically carries a takeover premium for target shareholders and is the primary bullish driver for FOLD today. A $4.8 Billion Reason to Buy BioMarin Stock Today
• Positive Sentiment: Amicus cleared a key technical benchmark, earning a 90+ Relative Strength (RS) rating — a sign of strong momentum that can attract momentum and technical traders. Amicus Therapeutics clears key benchmark, hitting 90-plus RS rating
• Neutral Sentiment: Citigroup reaffirmed a “neutral” rating and set a $14.50 price target (revised down from $17.00), signaling limited upside from the current level absent a higher takeout price. Citigroup Neutral Rating / Price Target
• Negative Sentiment: TD Cowen downgraded Amicus from Buy to Hold with a $14.50 target, closing the gap on analyst enthusiasm and implying modest upside from current trading levels if the takeout is not completed at a significant premium. Amicus (FOLD) was downgraded to a Hold Rating at TD Cowen
• Negative Sentiment: Cantor Fitzgerald and Needham & Company also downgraded Amicus to Hold — additional analyst downgrades increase near-term selling pressure and reduce conviction among institutional holders unless the deal is finalized at an attractive price. Cantor Fitzgerald Downgrades Amicus Therapeutics Needham & Company LLC Downgrades Amicus Therapeutics

Amicus Therapeutics Company Profile

Amicus Therapeutics (NASDAQ:FOLD) is a biopharmaceutical company focused on the discovery, development and commercialization of treatments for rare and orphan diseases. The company specializes in pharmacological chaperones and gene therapy approaches designed to address the underlying causes of lysosomal storage disorders. Its proprietary technology platform integrates structure‐based drug design with precision medicine to identify small molecules that stabilize misfolded proteins and restore cellular function.

The company’s lead marketed product, Galafold (migalastat), is an oral pharmacological chaperone approved in the United States, European Union and other territories for the treatment of Fabry disease in patients with amenable genetic variants.