UPDATE: Wedbush Downgrades Amicus Therapeutics to Underperform on Phase III Challenges

Wedbush reduced its rating on Amicus Therapeutics

from Neutral to Underperform and cut its price target from $6 to $1.50. Wedbush commented, "FOLD announced the ongoing migalastat monotherapy Phase III trial did not meet the primary and a pre-defined secondary endpoint. … 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. … 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." Amicus Therapeutics closed at $3.13 on Thursday.