Chardan Capital Markets Raises Price Target on Amicus Therapeutics (FOLD); Reiterates Buy
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Chardan Capital Markets reiterated a Buy rating on Amicus Therapeutics (NASDAQ: FOLD), and raised the price target to $16.00 (from $15.00), as the company updates the US regulatory approval pathway for Galafold.
Analyst Gbola Amusa commented, "Yesterday, after market close, Amicus provided an update on the US regulatory approval pathway for Galafold, a first-in-class small molecule chaperone therapy for Fabry disease. After discussions with the FDA, including an in-person Type B meeting, the FDA acknowledged that reducing kidney globotriaosylceramine (GL-3) is currently not considered a basis for an accelerated approval. Following on the FDA interaction, Amicus newly plans to perform a 12-month placebo-controlled pivotal cross-over study in treatment-naive Fabry disease patients with gastrointestinal (GI) symptoms, with diarrhea assessment based upon FDA irritable bowel syndrome guidelines as the primary endpoint. Amicus is working with the FDA to finalize the clinical protocol and plans to initiate enrollment in 2017, with data expected in 2019."
Shares of Amicus Therapeutics closed at $8.32 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesChardan Capital Markets, Gbola Amusa
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