Wedbush Downgrades Amicus Therapeutics (FOLD) to Underperform, Sees Another 50% Slide

December 21, 2012 9:39 AM EST
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Price: $5.34 --0%

Rating Summary:
    9 Buy, 1 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Amicus Therapeutics (NASDAQ: FOLD) fell 47 percent on Thursday after its ongoing migalastat monotherapy Phase III trial did not meet the primary and a pre-defined secondary endpoint, however, one analyst thinks it goes down another 50 percent from here.

Wedbush downgraded Amicus from Neutral to Underperform with a price target of $1.50 (from $6.00).

"We do not believe that this Phase III study can be rescued with additional
substrate reduction data at 12 months, due to our belief that there is an
inadequate level of baseline GL-3 in many patients," analyst Gregory R. Wade, Ph.D. said. "Furthermore, we note that even if there is an improvement in the net number
of responders from the 4 noted with this analysis, we do not envision this
improving to a level that would make the product commercially viable."

For an analyst ratings summary and ratings history on Amicus Therapeutics click here. For more ratings news on Amicus Therapeutics click here.

Shares of Amicus Therapeutics closed at $3.06 yesterday.

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