Amicus Therapeutics, Inc. (NASDAQ:FOLD) recently saw a reduction in its stake by Wedge Capital Management L L P NC during the second quarter of this year, according to the company’s disclosure with the Securities and Exchange Commission. The investment management firm sold 23,559 shares, which represented a decrease of 10.8% in its ownership. As a result, Wedge Capital Management L L P NC now owns 193,895 shares of Amicus Therapeutics’ stock, which is valued at approximately $2,435,000 based on its most recent SEC filing.
On August 8th, Amicus Therapeutics released its quarterly earnings report. The biopharmaceutical company reported an earnings per share of ($0.15) for the quarter, falling short of analysts’ consensus estimates by ($0.03). In terms of revenue, the company generated $94.50 million during the quarter compared to analysts’ expectations of $89.57 million.
The financial figures indicate that Amicus Therapeutics experienced negative net margins of 52.85% and a negative return on equity of 157.79%. These results contribute to analysts’ projections that the company will post -0.43 EPS for the current fiscal year.
In addition to these developments, StockNews.com downgraded Amicus Therapeutics from a “buy” rating to a “hold” rating in a research report published on September 1st. However, other sources suggest that three research analysts have given the stock a hold rating while three others have issued buy ratings for the biopharmaceutical company.
According to Bloomberg.com, there is currently a consensus rating of “Moderate Buy” for Amicus Therapeutics with an average price target of $15.20.
Please note that this information is accurate as per our reference date of September 27, 2023.
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Institutional Investors Show Confidence in Amicus Therapeutics, Highlighting Potential Growth in Biopharmaceutical Industry
Amicus Therapeutics, a biopharmaceutical company, has seen several institutional investors modify their holdings of the stock in recent months. Avoro Capital Advisors LLC increased its position by 1.9% in the first quarter, now owning 27,300,000 shares worth $302,757,000. Vanguard Group Inc. also increased its position by 0.5% in the third quarter and now owns 25,871,062 shares valued at $270,095,000. Furthermore, Morgan Stanley grew its position by 3.8% during the fourth quarter and State Street Corp grew its position by 16.6% during the second quarter.
The movements by these institutional investors indicate a degree of confidence in Amicus Therapeutics and its potential for growth within the biopharmaceutical industry. Such significant increases in share ownership suggest that these institutions see value and long-term potential in Amicus Therapeutics.
In other news related to the company’s stocks, Chief Accounting Officer Samantha Prout recently sold 36,909 shares at an average price of $14.01 per share on August 9th for a total transaction value of $517,095.09. Following this sale, Prout still holds 137,003 shares valued at $1,919,412.03.
Similarly, CEO Bradley L. Campbell sold 20,000 shares on August 1st at an average price of $13.39 per share for a total value of $267,800. As a result of this sale,Campbell currently holds approximately 798,
554 shares valued at approximately $10,
692,
638.
It is worth noting that over the last 90 days,total insider sales reached
124,
466 shares with a value of
$1,
654,
873.
Company insiders currently hold approximately2.
10%
of the stock.
In terms of market performance on September27th
2023, Amicus Therapeutics opened at $12.24 per share, with a market capitalization of $3.51 billion. The stock’s price-to-earnings ratio stands at-19.13, indicating a potential undervaluation in the market.
The company’s beta is reported to be 0.86, suggesting that it is less volatile than the overall market.
Additionally, Amicus Therapeutics has experienced fluctuating stock prices throughout the year, with a one-year low of $9.10 and a one-year high of $14.10.
Financially, the company has a debt-to-equity ratio of 3.53, indicative of a higher reliance on financing through debt compared to equity.The firm’s current ratio is 2.72 and its quick ratio is 2.40.
In terms of moving averages, the stock has maintained a 50-day simple moving average of $13.01 and a two-hundred-day simple moving average of $12.26.
As investors navigate the complex world of biopharmaceuticals, institutional investors appear to be adjusting their holdings within Amicus Therapeutics in recent months.This could suggest that these investors see long-term potential in the company and believe it to be undervalued in the current market.
However, caution should always be exercised when considering investments in this sector as various factors can impact stock performance and valuations.
Investors should continue to closely monitor developments within Amicus Therapeutics and conduct thorough research before making any investment decisions.
