Cantor Fitzgerald Downgrades Amicus Therapeutics (FOLD) to Neutral
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Cantor Fitzgerald analyst Kristen Kluska downgraded Amicus Therapeutics (NASDAQ: FOLD) from Overweight to Neutral with a price target of $17.00 (from $30.00).
The analyst commented, "We are downgrading to Neutral from OW and lowering our PT to $17 from $30. Today (211),
Amicus reported highly anticipated Phase 3 PROPEL data for AT-GAA in Pompe disease, a rare lysosomal storage disorder. Bottom line, we got the call wrong, and Amicus narrowly missed the primary endpoint on statistically significant superiority over Lumizyme on change in six-minute walk distance (6MWD). That said, we believe AT-GAA was clearly efficacious, with clinically meaningful improvements observed across many important endpoints. We believe AT-GAA could still see an approval this year, but have less conviction on this potential. As a result of a lowered probability of success of approval (from 80% to 50%) and lowering our potential peak market penetration (from 48% to 20%) we are moving to the sidelines. We now model peak sales of ~$700M."
Shares of Amicus Therapeutics closed at $14.47 yesterday.
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