Palo Alto Investors LP Sells 317,477 Shares of Amicus Therapeutics, Inc. $FOLD

Key Points

• Palo Alto Investors LP reduced its stake in Amicus Therapeutics by 4.1%, now holding 7,345,002 shares, which represents 11.4% of its portfolio and is its third biggest position.
• Several analysts adjusted their ratings on Amicus Therapeutics, with Wall Street Zen downgrading it from "buy" to "hold", while Morgan Stanley upgraded its rating from "equal weight" to "overweight".
• Amicus Therapeutics has a current stock price of $7.59, with a market capitalization of $2.34 billion and has traded between a 52-week low of $5.51 and a high of $12.65.

Palo Alto Investors LP lessened its stake in shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD - Free Report) by 4.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,345,002 shares of the biopharmaceutical company's stock after selling 317,477 shares during the period. Amicus Therapeutics accounts for about 11.4% of Palo Alto Investors LP's portfolio, making the stock its 3rd biggest position. Palo Alto Investors LP owned about 2.39% of Amicus Therapeutics worth $59,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in FOLD. Nuveen LLC bought a new position in Amicus Therapeutics during the 1st quarter worth $28,741,000. Vestal Point Capital LP bought a new position in Amicus Therapeutics during the 4th quarter worth $31,557,000. Orbimed Advisors LLC increased its stake in Amicus Therapeutics by 300.7% during the 4th quarter. Orbimed Advisors LLC now owns 2,285,400 shares of the biopharmaceutical company's stock worth $21,528,000 after acquiring an additional 1,715,100 shares during the period. Prosight Management LP bought a new position in Amicus Therapeutics during the 4th quarter worth $8,666,000. Finally, D. E. Shaw & Co. Inc. increased its stake in Amicus Therapeutics by 132.7% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,560,410 shares of the biopharmaceutical company's stock worth $14,699,000 after acquiring an additional 889,968 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FOLD shares. Wall Street Zen lowered Amicus Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Morgan Stanley raised Amicus Therapeutics from an "equal weight" rating to an "overweight" rating in a report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.00.

Amicus Therapeutics Price Performance

Shares of FOLD stock traded down $0.03 during trading hours on Friday, reaching $7.99. The company's stock had a trading volume of 5,558,774 shares, compared to its average volume of 3,795,490. The firm's 50 day simple moving average is $6.74 and its 200-day simple moving average is $7.03. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -66.58 and a beta of 0.55. Amicus Therapeutics, Inc. has a fifty-two week low of $5.51 and a fifty-two week high of $12.65. The company has a quick ratio of 2.29, a current ratio of 3.21 and a debt-to-equity ratio of 1.92.

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.