JPMorgan Upgrades Amicus Therapeutics (FOLD) to Overweight

Amid today's news, JPMorgan analyst Anupam Rama upgraded Amicus Therapeutics (NASDAQ: FOLD) from Neutral to Overweight with a price target of $7.00 given study 012 high probability of sucess and favorable risk/reward.

Rama said, "After literature review and speaking to multiple physicians, we believe Study 012 has a high probability for success. Indeed, 1) based on prior data, we have always viewed migalastat as an active drug 2) Study 012 is a vastly different trial to Study 011d (non-inferiority study vs. ERT; GFR measures as co-primary endpoints) which we believe increases the trial's probability of success; additionally, physicians indicate known migalastat effect on GFR compares favorably to enzyme replacement therapy (ERT),and 3) we are not expecting any safety surprises given long-term exposure data. For reference, we conservatively estimate peak migalastat sales of ~$200M+ WW."

Today's Study 012 update provides the company with increased confidence in Study 012 success and ultimate migalastat approval.

Even with the jump in FOLD share today the firm sees favorable risk/reward.

For an analyst ratings summary and ratings history on Amicus Therapeutics click here. For more ratings news on Amicus Therapeutics click here.

Shares of Amicus Therapeutics closed at $3.03 yesterday.

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