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

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Wedbush reduced its rating on Amicus Therapeutics (NASDAQ: FOLD) 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.

Latest Ratings for FOLD

DateFirmActionFromTo
Jan 2017BairdUpgradesNeutralOutperform
May 2016Bank of AmericaInitiates Coverage onBuy
Apr 2016BairdInitiates Coverage onNeutral

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Posted-In: WedbushAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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