Wedbush Morgan Downgrades Amicus Therapeutics (FOLD) to Underperform; Slashes PT
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Wedbush Morgan downgrades Amicus Therapeutics, Inc. (Nasdaq: FOLD) from Outperform to Underperform. Price target slashed from $17 to $3.50.
Wedbush analyst says, "Friday, Amicus announced disappointing results for Plicera, the company’s potential oral therapy for Gaucher disease. Despite increasing levels of the target enzyme in all patients, surprising only 1 of 18 patients realized clinical benefit. As a result of this outcome, Plicera will not be advanced into Phase III studies. There are two important consequences of this disappointing result that we believe will lead to Amicus’s stock underperforming relative to our coverage universe and therefore we are downgrading the Stock to UNDERPERFORM. 1. We anticipate no significant milestones for at least the coming 12 months. 2. Amicus now anticipates finishing 2009 with $70-80 million vs. their previous $100 million...Despite this setback and our markedly decreased rating and price target, we continue to believe in FOLD’s platform and opportunities in Fabry disease."
To see more analyst ratings on FOLD Click Here.
Amicus Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of orally-administered, small molecule drugs, known as pharmacological chaperones, for the treatment of various human genetic diseases.
Wedbush analyst says, "Friday, Amicus announced disappointing results for Plicera, the company’s potential oral therapy for Gaucher disease. Despite increasing levels of the target enzyme in all patients, surprising only 1 of 18 patients realized clinical benefit. As a result of this outcome, Plicera will not be advanced into Phase III studies. There are two important consequences of this disappointing result that we believe will lead to Amicus’s stock underperforming relative to our coverage universe and therefore we are downgrading the Stock to UNDERPERFORM. 1. We anticipate no significant milestones for at least the coming 12 months. 2. Amicus now anticipates finishing 2009 with $70-80 million vs. their previous $100 million...Despite this setback and our markedly decreased rating and price target, we continue to believe in FOLD’s platform and opportunities in Fabry disease."
To see more analyst ratings on FOLD Click Here.
Amicus Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of orally-administered, small molecule drugs, known as pharmacological chaperones, for the treatment of various human genetic diseases.
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