Cowen Weighs in on Amicus Therapeutics, Inc. (FOLD) Following 3Q:16 Updates

Amicus Therapeutics, Inc. (NASDAQ:FOLD) shares jumped over 20% today after the drug maker released its third-quarter results, posting EPS of $(0.33) versus consensus $(0.32). Galafold’s EU launch is progressing nicely, with sales of  $2.1 million, beating consensus estimates of $1.8 million.

In reaction, Cowen analyst Ritu Baral reiterated an Outperform rating on shares of Amicus, with a price target of $15.00, which implies an upside of 106% from current levels.

Baral commented, “As of Oct. 31st, FOLD reported 50 commercial patients, most from Germany, some from France through the ATU. FOLD noted most patients on Galafold are ERT switch patients and Galafold has taken approximately 20% of the previously ERT-treated (~500pts) amenable-mutation (~36%) German patient market. We are comforted by this rapid uptake in Germany since patients and physicians had no previous experience with Galafold as no clinical trial sites were in the country. We think the launch is still early but seemingly off to a healthy start given the diffuse distribution of doctors in Germany, quarter end loading of patients onto commercial tx and the paperwork involved in French ATU enrollment.”

“FOLD reiterated plans to announce the US/FDA regulatory path forward for Galafold in Q416. We think the EU experience, EMA approval documents (including data on renal function stability and improved cardiac physiology), renal podocyte biopsy data will support an expedited path to filing,” the analyst added.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a yearly average loss of 1.3% and a 32.5% success rate. Baral has a 9.4% average loss when recommending FOLD, and is ranked #3337 out of 4162 analysts.

Out of the 8 analysts polled by TipRanks, 6 rate Amicus Therapeutics stock a Buy, while 2 rate the stock a Hold. With a return potential of 77%, the stock’s consensus target price stands at $12.88.

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