Amicus Therapeutics (NASDAQ:FOLD) Trading Up 6.5% - What's Next?

Key Points

• The stock price of Amicus Therapeutics (NASDAQ:FOLD) increased by 6.5% on Wednesday, closing at $8.40 after reaching a high of $8.33.
• Analysts are optimistic about Amicus Therapeutics, with ratings upgraded by firms like Needham & Company and Morgan Stanley, setting an average price target of $15.78.
• Several hedge funds have significantly increased their stakes in the company, highlighting a growing interest in Amicus Therapeutics among institutional investors.

Amicus Therapeutics, Inc. (NASDAQ:FOLD - Get Free Report)'s stock price shot up 6.5% during trading on Wednesday . The company traded as high as $8.33 and last traded at $8.40. 312,953 shares changed hands during trading, a decline of 92% from the average session volume of 3,974,041 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

FOLD has been the subject of several research reports. Needham & Company LLC raised Amicus Therapeutics from a "hold" rating to a "buy" rating and set a $14.00 price objective for the company in a research note on Thursday, September 18th. Morgan Stanley raised Amicus Therapeutics from an "equal weight" rating to an "overweight" rating in a report on Thursday, July 17th. Finally, Wall Street Zen upgraded shares of Amicus Therapeutics from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.78.

Amicus Therapeutics Trading Up 4.3%

The business has a 50-day moving average of $7.43 and a 200-day moving average of $6.93. The company has a quick ratio of 2.29, a current ratio of 3.21 and a debt-to-equity ratio of 1.92. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -68.45 and a beta of 0.55.

Hedge Funds Weigh In On Amicus Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in Amicus Therapeutics by 53.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 24,530 shares of the biopharmaceutical company's stock valued at $195,000 after acquiring an additional 8,567 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Amicus Therapeutics in the 1st quarter valued at $1,533,000. Invesco Ltd. boosted its holdings in Amicus Therapeutics by 4.1% in the first quarter. Invesco Ltd. now owns 2,661,394 shares of the biopharmaceutical company's stock worth $21,717,000 after purchasing an additional 105,856 shares in the last quarter. Rice Hall James & Associates LLC boosted its holdings in Amicus Therapeutics by 46.6% in the first quarter. Rice Hall James & Associates LLC now owns 2,010,104 shares of the biopharmaceutical company's stock worth $16,402,000 after purchasing an additional 639,024 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Amicus Therapeutics by 47.4% during the first quarter. Victory Capital Management Inc. now owns 257,088 shares of the biopharmaceutical company's stock worth $2,098,000 after buying an additional 82,691 shares during the last quarter.

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.

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