Comerica Bank Lowers Stock Holdings in Amicus Therapeutics, Inc. $FOLD

Key Points

• Comerica Bank has reduced its stake in Amicus Therapeutics by 62.4% in Q1 2023, now holding $230,000 worth of stock.
• Other institutional investors, such as Allspring Global Investments and Jefferies Financial Group, have increased their positions in Amicus Therapeutics, reflecting significant interest in the company.
• Amicus Therapeutics' stock currently has a consensus rating of "Moderate Buy" with a price target of $16.00, despite recently experiencing a 1.1% decline.

Comerica Bank lessened its stake in Amicus Therapeutics, Inc. (NASDAQ:FOLD - Free Report) by 62.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,132 shares of the biopharmaceutical company's stock after selling 46,688 shares during the period. Comerica Bank's holdings in Amicus Therapeutics were worth $230,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Virtus Fund Advisers LLC bought a new stake in Amicus Therapeutics in the 4th quarter worth approximately $29,000. PNC Financial Services Group Inc. grew its position in Amicus Therapeutics by 211.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,151 shares of the biopharmaceutical company's stock worth $42,000 after purchasing an additional 3,497 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Amicus Therapeutics in the 1st quarter worth approximately $53,000. GF Fund Management CO. LTD. bought a new stake in Amicus Therapeutics in the 4th quarter worth approximately $59,000. Finally, GAMMA Investing LLC grew its position in Amicus Therapeutics by 1,610.8% in the 1st quarter. GAMMA Investing LLC now owns 7,442 shares of the biopharmaceutical company's stock worth $61,000 after purchasing an additional 7,007 shares during the period.

Amicus Therapeutics Stock Performance

Shares of FOLD stock traded down $0.03 during mid-day trading on Friday, reaching $7.99. 2,877,570 shares of the company's stock traded hands, compared to its average volume of 3,368,369. Amicus Therapeutics, Inc. has a 12 month low of $5.51 and a 12 month high of $12.65. The firm has a 50 day moving average price of $6.94 and a two-hundred day moving average price of $6.99. 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 market capitalization of $2.46 billion, a PE ratio of -66.58 and a beta of 0.55.

Analysts Set New Price Targets

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

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.