Amicus Therapeutics (FOLD): Revenue Loss from migalastat Drives PT Cut - Baird
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Baird analyst, Michael Ulz, reiterated his Neutral rating on shares of Amicus Therapeutics (NASDAQ: FOLD) and cut his price target to $7 from $9 after the company provided a disappointing update on the regulatory path forward for migalastat in the US. The company now requires an additional gastrointestinal (GI) study, delaying timelines.
Expectations embed existing data supporting an accelerated approval (Galafold approved in Europe). While the GI data is not expected until 2019 and could lead to full approval but in the interim he is removing US migalastat revenues from the model.
No change to the Neutral rating, but expect shares to be under pressure.
Shares of Amicus Therapeutics closed at $8.32 yesterday.
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