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There's Good Cause To Be Excited About Amicus Therapeutics Clinical Program

There's Good Cause To Be Excited About Amicus Therapeutics Clinical Program

Shares of Amicus Therapeutics, Inc. (NASDAQ: FOLD) were trading higher by more than 12 percent Wednesday after the company released encouraging clinical trial data. The company's therapy showed a greater improvement in muscle and lung function for people suffering from Pompe, a rare disease that causes progressive muscle weakness.

Pompe remains a "significant" growth driver for Amicus, Leerink's Joseph Schwartz commented in a report. Additional clinical data which is expected to be reported at the World Muscle Society (Oct. 3 through Oct. 7) will also show a differentiated profile from other Pompe enzyme replacement therapies.

Schwartz maintains an Outperform rating on Amicus' stock with a price target boosted from $17 to $20.

See Also: Cowen Analyst Responds Following Amicus' Positive Migalastat News

"Clinically, there's good reason to remain excited about ATB200/ AT2221," the analyst explained. "While Myozyme/Lumizyme (SNY [OP]) has become the standard of care (SoC) in Pompe disease, significant disease progression continues in pts. Targeting this unmet need, next-gen agents such as neoGAA and BMN701 have emerged but have shown less benefit than ATB200/AT2221, which has been associated with a ~50% and ~100% better improvement in the 6 minute walk test (6MWT) in ERT-switch and treatment-naive pts, respectively. Respiratory comps are less clear, but we believe most focus for investors/regulators/clinicians is on 6MWT."

Looking forward, Amicus' therapy for Pompe could see peak sales of $1.5 billion in 2031 which is up from a prior estimate of $1.2 billion, the analyst noted. A conservative launch for the therapy could be seen in 2021 in both the U.S. and European Union although there could be "significant upside" to Amicus if the U.S. Food and Drug Administration allows the company to file on its recently reported data.

Latest Ratings for FOLD

Apr 2021Cantor FitzgeraldUpgradesNeutralOverweight
Mar 2021SVB LeerinkMaintainsMarket Perform
Mar 2021StifelInitiates Coverage OnHold

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