Amicus price target lowered to $17 from $18 at Morgan Stanley

Morgan Stanley analyst Jeffrey Hung lowered the firm’s price target on Amicus (FOLD) to $17 from $18 and keeps an Overweight rating on the shares. Third quarter revenues came in above Street expectations with $120.4M in Galafold sales and $21.1M in purchase order sales, the analyst tells investors in a research note. The firm noted that, following the results, it updated its model for the quarter and updated guidance, rolled forward the discount year to 2025, and increased cost of goods sold in line with management commentary on previously expensed inventory for P+O.