Janney Capital Upgrades Amicus Therapeutics, Inc. Stock To Buy

In a research note issued today, Janney Capital analyst Kimberly Lee upgraded shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD) from Hold to Buy and raised her price target to $5.00 (from $2.50) after FOLD provided updates and detailed the statistical analysis plan for its second Phase 3 study (Study 012) of the oral small molecule pharmacological chaperone migalastat HCl (“migalastat”) monotherapy for Fabry patients with amenable mutations.

“FOLD provided an update and detailed statistical plan for Study 012, the second Phase III migalastat monotherapy study in patients with amenable mutations of Fabry disease. The company completed the 18-month treatment period and reiterated data release in 3Q. With this data, the company can complete US and EU regulatory filings. We are upgrading Amicus Therapeutics, Inc. (NASDAQ:FOLD) shares to Buy today because details of patient disposition and a robust statistical analysis plan along with prior supportive positive top-line results from the first pivotal 12- and 24- month (Study 011) study increase our confidence in a favorable Study 012 outcome. We are raising our fair value estimate to $5.00 from $2.50 to reflect decreased development and regulatory risks”, Lee noted.

According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Kimberly Lee currently has a one-year average return of 24.0% and a 80% success rate. Lee is ranked #632 out of 3141 analysts.

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