Jefferies initiates Amicus Therapeutics with 'buy'

Amicus Therapeutics

06/09/2024 13:55

** Jefferies initiates coverage on Amicus Therapeutics
 FOLD.O  with "buy" rating and PT of $18, which implies a 54%
upside to the stock's last close
    ** This marks the first bullish rating on the stock since
May - LSEG data
    ** FOLD's therapy for Pompe disease can result in patients
switching from rival Sanofi's  SASY.PA  Nexviazyme - Jefferies
    ** The rare and genetic disease causes progressive weakness
in heart and skeletal muscles
    ** Brokerage estimates 2024 sales of the drug to be in line
with consensus of $67 mln; expects sales of $150 mln in 2025
versus consensus of $140 mln
    ** The stock, tracked by 13 analysts, has a median PT of $18
- LSEG data
    ** As of last close, Amicus shares down ~18% YTD

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))