Amicus Therapeutics (NASDAQ:FOLD) Upgraded by Needham & Company LLC to "Buy" Rating

Key Points

• Amicus Therapeutics received an upgrade from a "hold" to a "buy" rating by Needham & Company LLC, with a target price of $14.00, indicating a potential upside of 75.66% from its current price.
• Other analysts have varied views, with Morgan Stanley upgrading to "overweight" but Wall Street Zen downgraded to "hold," resulting in an average rating of "Moderate Buy."
• The stock currently trades at $7.97, showing a market cap of $2.46 billion and experiencing a trading down of 0.5% recently.

Needham & Company LLC upgraded shares of Amicus Therapeutics (NASDAQ:FOLD - Free Report) from a hold rating to a buy rating in a report released on Thursday morning, MarketBeat.com reports. Needham & Company LLC currently has $14.00 target price on the biopharmaceutical company's stock.

Several other equities research analysts have also weighed in on FOLD. Wall Street Zen lowered shares of Amicus Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Morgan Stanley upgraded shares of Amicus Therapeutics from an "equal weight" rating to an "overweight" rating in a report on Thursday, July 17th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $15.78.

Amicus Therapeutics Trading Up 2.0%

FOLD traded up $0.17 during mid-day trading on Thursday, hitting $8.50. The stock had a trading volume of 1,683,206 shares, compared to its average volume of 3,957,117. The stock's fifty day simple moving average is $7.13 and its 200-day simple moving average is $6.95. The company has a debt-to-equity ratio of 1.92, a current ratio of 3.21 and a quick ratio of 2.29. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -70.79 and a beta of 0.55. Amicus Therapeutics has a 1-year low of $5.51 and a 1-year high of $12.65.

Hedge Funds Weigh In On Amicus Therapeutics

A number of institutional investors have recently added to or reduced their stakes in FOLD. Vestal Point Capital LP boosted its stake in shares of 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 valued at $68,187,000 after purchasing an additional 7,625,000 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Amicus Therapeutics in the 1st quarter valued at about $28,741,000. Norges Bank bought a new position in Amicus Therapeutics during the second quarter valued at approximately $18,540,000. Assenagon Asset Management S.A. boosted its stake in shares of Amicus Therapeutics by 641.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,533,854 shares of the biopharmaceutical company's stock valued at $20,249,000 after purchasing an additional 3,057,072 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Amicus Therapeutics by 635.1% in the 1st quarter. Millennium Management LLC now owns 3,359,389 shares of the biopharmaceutical company's stock worth $27,413,000 after purchasing an additional 2,902,375 shares in the last quarter.

Amicus Therapeutics Company Profile

Amicus Therapeutics, Inc, a biotechnology company, focuses on discovering, developing, and delivering medicines for rare diseases. Its commercial product and product candidates include Galafold, an oral precision medicine for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene variant; and Pombiliti + Opfolda, for the treatment of late onset.