Amicus Therapeutics (NASDAQ:FOLD) Trading 9.3% Higher - Should You Buy?

Key Points

• Amicus Therapeutics' stock price surged 9.3%, reaching a last traded price of $6.91, following several positive analyst ratings.
• Major analyst upgrades included Morgan Stanley raising the stock to an "overweight" rating and Wall Street Zen upgrading it to a "buy" rating, contributing to a favorable overall market outlook with an average target price of $16.22.
• Recent hedge fund activities included multiple firms increasing their stakes in Amicus Therapeutics, suggesting growing institutional interest in the company.

Amicus Therapeutics, Inc. (NASDAQ:FOLD - Get Free Report)'s share price was up 9.3% during mid-day trading on Monday . The stock traded as high as $6.86 and last traded at $6.91. Approximately 3,746,195 shares were traded during trading, a decline of 2% from the average daily volume of 3,841,892 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Amicus Therapeutics from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. The Goldman Sachs Group lowered their price objective on shares of Amicus Therapeutics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Morgan Stanley raised Amicus Therapeutics from an "equal weight" rating to an "overweight" rating in a report on Thursday, July 17th. Finally, UBS Group raised their price objective on shares of Amicus Therapeutics from $21.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $16.22.

Amicus Therapeutics Trading Up 0.2%

The business has a 50 day simple moving average of $6.11 and a 200-day simple moving average of $7.38. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -56.70 and a beta of 0.53. The company has a debt-to-equity ratio of 1.92, a current ratio of 3.21 and a quick ratio of 2.29.

Institutional Trading of Amicus Therapeutics

Hedge funds have recently bought and sold shares of the stock. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Amicus Therapeutics by 5.9% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 66,238 shares of the biopharmaceutical company's stock valued at $380,000 after buying an additional 3,688 shares during the period. M&G PLC bought a new stake in Amicus Therapeutics during the 2nd quarter worth about $11,310,000. Vise Technologies Inc. acquired a new position in Amicus Therapeutics during the second quarter valued at approximately $187,000. Profund Advisors LLC grew its stake in shares of Amicus Therapeutics by 57.5% in the second quarter. Profund Advisors LLC now owns 87,677 shares of the biopharmaceutical company's stock valued at $502,000 after buying an additional 31,997 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Amicus Therapeutics during the 2nd quarter worth about $3,760,000.

About Amicus Therapeutics

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.