Janney Capital Sees 42% Upside In Amicus Therapeutics Following Positive Phase 3 Data


Amicus Therapeutics (FOLD) today announced robust 18-month data from the migalastat monotherapy Study 012 in Fabry patients with amenable mutations. Migalastat met the co-primary endpoints, demonstrating comparable effect to enzyme replacement therapy (ERT) on two measures of kidney function. 

In reaction to the positive data, Janney Capital analyst Kimberly Lee today reiterated a Buy rating on FOLD and raised her price target to $8 (from $5). The new price target represents a potential upside of 42% from where the stock is currently trading.

Lee commented: “With this data, the company will meet with the EMA and FDA in 4Q and file for EU approval in early 2015. We anticipate worldwide approval of migalastat based on strong Study 012 data along with prior supportive positive results from the first pivotal 12- and 24- month (Study 011) study, all of which validate FOLD’s technology platform, in our view. As such, we are raising our fair value estimate to reflect decreased regulatory risks.” 

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Kimberly Lee has a total average return of 6.6% and a 60.0% success rate. Lee has a 12.3% average return when recommending FOLD, and is ranked #1029 out of 3254 analysts.

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