Amicus Extending Rally On Upgrades
Amicus Therapeutics (NASDAQ: FOLD) shares are up 12 percent Tuesday following a nine percent jump Monday.
This move comes after JP Morgan, Janney and Leerink Partners upgraded Amicus to buy Monday and Tuesday and significantly boosted their price targets. The median price target is $5.50, or 45.1 percent of additional upside (65 percent before the stocks started moving higher).
Leerink thinks that the Phase 3 study has a high chance for success: 75 percent in Europe and 50 percent in the United States. This compares to a 20 percent success rate previously.
Leerink also expects top line results from study 012 at the end of July or beginning of August.
Shares of Amicus Were last trading up 12.5 percent in Tuesday’s pre-market session to $3.76. Shares have risen more than 42 percent in value year-to-date.
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