BTIG ups Amicus' PT on hopes of FDA review of muscle disorder drug in 2023

Amicus Therapeutics

18/01/2023 19:25

** Brokerage BTIG raises Amicus Therapeutics Inc's  FOLD.O 
PT to $16 from $14 
    ** Sees co's stock to be attractive with limited downside
risks; FOLD shares up 5.3% at $13.1
    ** BTIG sees official EU approval and an update on FDA
inspection for co's experimental therapy AT-GAA in 2023; AT-GAA
is intended to treat muscle disorder called Pompe disease 
   ** EU's health regulator recommended marketing authorization
for the therapy in mid-December 2022 amid delays in the U.S. as
FDA extended review for the second time, citing COVID-related
travel curbs 
    ** Brokerage says the Q3'23 EU launch of AT-GAA, which
according to management will begin in Germany, should further
strengthen FOLD's balance sheet 
    ** BTIG sees emerging hope on potential FDA visit for
partner WuXi Biologics'  2269.HK  manufacturing site-inspection,
citing Shanghai city's official announcement on Tuesday that the
peak of COVID infection appears to have passed 
    ** Following which, BTIG increases projections on peak
AT-GAA sales from about $360 mln in 2031 to nearly $490 mln in
2032 
    ** FOLD stock price has more than doubled since the 52-week
low in last May  
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))