Morgan Stanley downgraded Amicus Therapeutics Inc (NASDAQ:FOLD). Over the last year, the company has executed well commercially, met its goals financially by achieving nonGAAP profitability for 2024, and settled its Galafold patent litigation with Teva Pharmaceutical Industries Ltd.
The analyst notes that Amicus is well-positioned, but expectations have increased with the company’s progress, which are now largely priced into shares.
The analyst downgraded the stock to Equal-weight from Overweight and lowered the price target from $17 to $12.
Investors have shifted focus to what will provide the company’s next leg of growth. The analyst would look to see potential updates to the company’s pipeline in 2025 and beyond, as those programs have the greatest potential to unlock further value for Amicus stock.
Morgan Stanley has also lowered the price target for Immunocore Holdings plc (NASDAQ:IMCR) from $74 to $35 on launch timing and pricing for brenetafusp given disappointing data earlier this year in cutaneous melanoma and ovarian cancer.
The analyst continues to give full credit for Kimmtrak (tebentafusp), which was approved for unresectable or metastatic uveal melanoma.
Morgan Stanley sees limited upside potential from additional brenetafusp updates as the company continues to detect signals in metastatic NSCLC and combination in earlier-line NSCLC.
The analyst downgraded the stock from Overweight to Equal-Weight rating.
Price Action: IMRX stock is down 18% at $1.615, IMCR stock is down 5.89% at $28.53, and FOLD stock is down 6.70% at $9.47 at last check Friday.
Read Next:
Photo via Shutterstock.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
