Technical Take: Amicus Therapeutics Lower Despite Approval For Migalastat
Amicus Therapeutics, Inc. (NASDAQ: FOLD) shares are trading lower by $1.78 (21 percent) at $6.54 in Tuesday's session. Although the company did receive FDA approval for Migalastat, Adam Feuerstein tweeted that the FDA wants more data and could cause a delay for the rollout of the drug until 2019.
Following a sharply lower open, the issue was trading in a fairly narrow range, with the current high standing at $6.74 and the current low standing at $6.30.
If the decline continues through the current low, there may be additional support at the pair of lows from November 3 ($5.82) and November 4 ($5.77). Those two lows provided the base for a rally that reached $9.61 on November 15.
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