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Amicus Therapeutics (NASDAQ:FOLD) Trading 9.3% Higher - Here's What Happened

Amicus Therapeutics logo with Medical background

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.
  • Interested in Amicus Therapeutics? Here are five stocks we like better.

Amicus Therapeutics, Inc. (NASDAQ:FOLD - Get Free Report)'s stock 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 mid-day 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

Several analysts have issued reports on FOLD shares. UBS Group increased their price objective on shares of Amicus Therapeutics from $21.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Wall Street Zen raised shares of Amicus Therapeutics from a "hold" rating to a "buy" rating in a research report on Saturday. Morgan Stanley raised shares of Amicus Therapeutics from an "equal weight" rating to an "overweight" rating in a research report on Thursday, July 17th. Finally, The Goldman Sachs Group decreased their price target on shares of Amicus Therapeutics from $12.00 to $9.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.22.

Check Out Our Latest Analysis on Amicus Therapeutics

Amicus Therapeutics Price Performance

The company has a 50 day moving average of $6.08 and a 200-day moving average of $7.40. The stock has a market capitalization of $2.13 billion, a P/E ratio of -57.62 and a beta of 0.53. The company has a quick ratio of 2.29, a current ratio of 3.21 and a debt-to-equity ratio of 1.92.

Institutional Investors Weigh In On Amicus Therapeutics

A number of hedge funds have recently added to or reduced their stakes in FOLD. Nuveen LLC bought a new stake in Amicus Therapeutics in the first quarter valued at $28,741,000. Vestal Point Capital LP bought a new stake in Amicus Therapeutics in the fourth quarter valued at $31,557,000. Assenagon Asset Management S.A. lifted its stake in Amicus Therapeutics by 641.2% in 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 lifted its stake in Amicus Therapeutics by 635.1% in the first quarter. Millennium Management LLC now owns 3,359,389 shares of the biopharmaceutical company's stock valued at $27,413,000 after buying an additional 2,902,375 shares during the last quarter. Finally, Redmile Group LLC lifted its stake in Amicus Therapeutics by 35.1% in the first quarter. Redmile Group LLC now owns 9,533,669 shares of the biopharmaceutical company's stock valued at $77,795,000 after buying an additional 2,478,779 shares during the last quarter.

Amicus Therapeutics Company Profile

(Get Free Report)

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.

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