UPDATE: Wedbush Upgrades Amicus Therapeutics (FOLD) to Neutral, Outlook and Progress Begins to Unfold
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Price: $14.49 --0%
Rating Summary:
12 Buy, 9 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 9 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush upgraded shares of Amicus Therapeutics (NASDAQ: FOLD) to a Neutral rating from its previous rating of Underperform as the firm likes what it sees in the progress made in developing Amigal in Fabry disease, the company’s partnership with GlaxoSmithKline (NYSE: GSK), and the development of AT2220 in Pompe disease.
The firm notes that pivotal Phase III US registration study (011) should fully enroll in
Q2/Q3, along with the second Phase III study (012), which is a study of the combination therapy of Amigal with enzyme replacement therapy. Wedbush comments that the second phase study could "expand the market for Amigal beyond those patients with Amigalresponsive mutations as prior studies have indicated that combining Amigal with ERT could improve the pharmacokinetics of the ERT and improve outcomes."
The FDA also removed its clinical hold on AT2220, which also the company to begin dosing patients in Q3. FOLD also is developing AT375 for the treatment of Parkinson’s Disease for certain patients. The firm estimates an IND is possible as soon as 2012.
Wedbush is maintaining its FY11 and FY12 EPS estimates of ($1.24) and ($0.97), along with its price target of $8.
For more ratings news on Amicus Therapeutics click here and for the rating history of Amicus Therapeutics click here.
Shares of Amicus Therapeutics closed at $7.27 yesterday.
The firm notes that pivotal Phase III US registration study (011) should fully enroll in
Q2/Q3, along with the second Phase III study (012), which is a study of the combination therapy of Amigal with enzyme replacement therapy. Wedbush comments that the second phase study could "expand the market for Amigal beyond those patients with Amigalresponsive mutations as prior studies have indicated that combining Amigal with ERT could improve the pharmacokinetics of the ERT and improve outcomes."
The FDA also removed its clinical hold on AT2220, which also the company to begin dosing patients in Q3. FOLD also is developing AT375 for the treatment of Parkinson’s Disease for certain patients. The firm estimates an IND is possible as soon as 2012.
Wedbush is maintaining its FY11 and FY12 EPS estimates of ($1.24) and ($0.97), along with its price target of $8.
For more ratings news on Amicus Therapeutics click here and for the rating history of Amicus Therapeutics click here.
Shares of Amicus Therapeutics closed at $7.27 yesterday.
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