Amicus Therapeutics, Inc. (FOLD) Shares Up 5.1% Following Earnings Beat

Amicus Therapeutics, Inc. (NASDAQ:FOLD)’s share price shot up 5.1% on Monday following a stronger than expected earnings report. The stock traded as high as $13.90 and last traded at $13.90, with a volume of 3,148,423 shares changing hands. The stock had previously closed at $13.23.

The biopharmaceutical company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.03. The company had revenue of $7.16 million for 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 period in the previous year, the business posted ($0.40) earnings per share.

A number of research firms have commented on FOLD. Zacks Investment Research upgraded shares of Amicus Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. BidaskClub upgraded shares of Amicus Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Robert W. Baird boosted their price target on shares of Amicus Therapeutics from $12.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 12th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $15.00 price target (up from $13.00) on shares of Amicus Therapeutics in a research note on Wednesday, August 9th. Finally, Chardan Capital boosted their price target on shares of Amicus Therapeutics from $12.50 to $17.50 and gave the stock a “buy” rating in a research note on Thursday, August 10th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $14.58.

In related news, insider Jay Barth sold 30,000 shares of the business’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $10.00, for a total transaction of $300,000.00. Following the sale, the insider now owns 64,184 shares of the company’s stock, valued at $641,840. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Life Sciences Maste Perceptive purchased 1,500,000 shares of Amicus Therapeutics stock in a transaction on Thursday, July 13th. The stock was acquired 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 insiders.

Hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas increased its stake 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 valued at $103,000 after buying an additional 169 shares during the period. Principal Financial Group Inc. increased its stake in shares of Amicus Therapeutics by 1.8% in the first quarter. Principal Financial Group Inc. now owns 26,883 shares of the biopharmaceutical company’s stock valued at $192,000 after buying an additional 487 shares during the period. KCG Holdings Inc. increased its stake in shares of Amicus Therapeutics by 1.1% in the first quarter. KCG Holdings Inc. now owns 66,066 shares of the biopharmaceutical company’s stock valued at $471,000 after buying an additional 743 shares during the period. Legal & General Group Plc increased its stake in shares of Amicus Therapeutics by 1.6% in the second quarter. Legal & General Group Plc now owns 55,411 shares of the biopharmaceutical company’s stock valued at $558,000 after buying an additional 852 shares during the period. Finally, Amalgamated Bank increased its stake in shares of Amicus Therapeutics by 5.7% in the second quarter. Amalgamated Bank now owns 18,451 shares of the biopharmaceutical company’s stock valued at $186,000 after buying an additional 1,002 shares during the period.

The stock’s 50 day moving average is $12.55 and its 200 day moving average is $8.75. The firm’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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