FOLD - Amicus Therapeutics cut to Neutral at Cantor citing PROPEL trial data

Amicus Therapeutics (FOLD) is extending losses in the premarket with a decline of ~24.4% following yesterday's post-market announcement of Phase 3 trial data for AT-GAA in the treatment of late-onset Pompe disease.Citing its failure to meet the primary endpoint with statistical significance, Cantor Fitzgerald has downgraded the stock to Neutral from Overweight and lowered the price target to $17 from $30, implying ~9.2% downside to the previous close.However, the analyst Kristen Kluska believes ‘AT-GAA was clearly efficacious’ noting that the trial witnessed a clinically meaningful improvement in 'many important endpoints'.With a lower conviction for the experimental therapy to win regulatory approval this year, the firm slashes the probability of success and peak market penetration for AT-GAA.Early this month, Amicus rose in reaction to speculation that it could be an acquisition target for Vertex.

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Amicus Therapeutics cut to Neutral at Cantor citing PROPEL trial data