Amicus Therapeutics (NASDAQ:FOLD) Raised to Buy at Wall Street Zen

Key Points

• Amicus Therapeutics has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating positive sentiment among analysts.
• The stock has a consensus rating of "Moderate Buy" with a target price of $15.78, reflecting optimistic expectations for future performance.
• In recent trading, shares of Amicus Therapeutics opened at $8.33 and have experienced significant activity from institutional investors, including large stake increases.

Wall Street Zen upgraded shares of Amicus Therapeutics (NASDAQ:FOLD - Free Report) from a hold rating to a buy rating in a report released on Saturday morning.

Several other research firms have also recently issued reports on FOLD. Morgan Stanley upgraded shares of Amicus Therapeutics from an "equal weight" rating to an "overweight" rating in a research note on Thursday, July 17th. Needham & Company LLC raised shares of Amicus Therapeutics from a "hold" rating to a "buy" rating and set a $14.00 price target for the company in a report on Thursday, September 18th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Amicus Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $15.78.

Amicus Therapeutics Stock Performance

Shares of FOLD traded down $0.16 during trading hours on Friday, hitting $8.42. The stock had a trading volume of 433,928 shares, compared to its average volume of 3,952,182. The company has a debt-to-equity ratio of 1.92, a quick ratio of 2.29 and a current ratio of 3.21. The firm has a 50-day moving average price of $7.18 and a 200 day moving average price of $6.95. Amicus Therapeutics has a fifty-two week low of $5.51 and a fifty-two week high of $12.65. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -70.12 and a beta of 0.55.

Hedge Funds Weigh In On Amicus Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Amicus Therapeutics by 2.6% in the first quarter. Wellington Management Group LLP now owns 29,200,617 shares of the biopharmaceutical company's stock valued at $238,277,000 after purchasing an additional 738,623 shares during the last quarter. Vestal Point Capital LP grew its position in shares of Amicus Therapeutics by 178.4% during the second quarter. Vestal Point Capital LP now owns 11,900,000 shares of the biopharmaceutical company's stock worth $68,187,000 after acquiring an additional 7,625,000 shares during the last quarter. State Street Corp grew its position in shares of Amicus Therapeutics by 21.5% during the second quarter. State Street Corp now owns 11,568,097 shares of the biopharmaceutical company's stock worth $66,285,000 after acquiring an additional 2,049,078 shares during the last quarter. Redmile Group LLC grew its position in shares of Amicus Therapeutics by 35.1% during the first quarter. Redmile Group LLC now owns 9,533,669 shares of the biopharmaceutical company's stock worth $77,795,000 after acquiring an additional 2,478,779 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Amicus Therapeutics by 20.7% during the second quarter. Bank of America Corp DE now owns 6,847,275 shares of the biopharmaceutical company's stock worth $39,235,000 after acquiring an additional 1,172,596 shares during 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.