Amicus Therapeutics, Inc. (FOLD) Shares Gap Up After Better-Than-Expected Earnings

Amicus Therapeutics, Inc. (NASDAQ:FOLD) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.15, but opened at $13.90. Amicus Therapeutics shares last traded at $13.45, with a volume of 1,434,246 shares changing hands.

The biopharmaceutical company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.03. The business had revenue of $7.16 million during the quarter, compared to analyst estimates of $6.96 million. Amicus Therapeutics had a negative net margin of 1,279.88% and a negative return on equity of 61.25%. During the same quarter last year, the business posted ($0.40) earnings per share.

A number of brokerages recently weighed in on FOLD. Chardan Capital raised their price target on shares of Amicus Therapeutics from $12.50 to $17.50 and gave the company a “buy” rating in a report on Thursday, August 10th. BidaskClub raised shares of Amicus Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday. J P Morgan Chase & Co reissued an “overweight” rating and issued a $15.00 price target (up previously from $13.00) on shares of Amicus Therapeutics in a report on Wednesday, August 9th. Cowen and Company reissued a “buy” rating and issued a $16.00 price target on shares of Amicus Therapeutics in a report on Monday, August 14th. Finally, Robert W. Baird raised their price target on shares of Amicus Therapeutics from $12.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday, July 12th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Amicus Therapeutics currently has an average rating of “Buy” and an average target price of $14.58.

In other news, insider Jay Barth sold 30,000 shares of Amicus Therapeutics stock in a transaction on Monday, June 19th. The shares were sold at an average price of $10.00, for a total transaction of $300,000.00. Following the transaction, the insider now directly owns 64,184 shares of the company’s stock, valued at $641,840. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Life Sciences Maste Perceptive purchased 1,500,000 shares of Amicus Therapeutics stock in a transaction dated Thursday, July 13th. The shares were purchased at an average cost of $12.25 per share, for a total transaction of $18,375,000.00. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its position in shares of Amicus Therapeutics by 1.7% in the second quarter. Teacher Retirement System of Texas now owns 10,243 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 169 shares in the last quarter. Princeton Alpha Management LP purchased a new position in shares of Amicus Therapeutics during the first quarter worth $106,000. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in shares of Amicus Therapeutics during the second quarter worth $111,000. Creative Planning boosted its position in shares of Amicus Therapeutics by 56.2% in the first quarter. Creative Planning now owns 16,400 shares of the biopharmaceutical company’s stock worth $117,000 after buying an additional 5,900 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Amicus Therapeutics during the second quarter worth $124,000.

The firm has a 50-day moving average price of $12.55 and a 200 day moving average price of $8.75. The stock’s market cap is $2.06 billion.

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About Amicus Therapeutics

Amicus Therapeutics, Inc is a biotechnology company. The Company is engaged in the discovery, development and commercialization of a set of treatments for patients living with devastating rare and orphan diseases. Its lead product, migalastat HCl is a small molecule that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease.

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