Perceptive Advisors, managed by Joseph Edelman, is bullish on Amicus Therapeutics Inc. (NASDAQ:FOLD). In a new filing with the U.S. Securities and Exchange Commission, Perceptive Advisors revealed that it has purchased 4.0 million shares of the company in two transactions at an average price of $3.5 for an aggregate price of $14.0 million. Currently, the fund owns 12.34 million shares of common stock of Amicus Therapeutics Inc. (NASDAQ:FOLD), up from 8.34 million shares reported previously.
Amicus Therapeutics Inc. (NASDAQ:FOLD) is a biopharmaceutical engaged in developing novel, first-in-class treatments for a broad range of human genetic diseases, with a focus on delivering new benefits to individuals with lysosomal storage diseases.
On Monday, the company provided updates and detailed the statistical analysis plan for its second Phase 3 study of the oral small molecule pharmacological chaperone migalastat HCl monotherapy for Fabry patients with amenable mutations. “The 18-month primary treatment period is now complete and top-line data from Study 012 are expected in the third quarter of 2014. If successful, Study 012 will trigger the process for European regulatory approval of migalastat as a monotherapy for Fabry patients with amenable mutations,” the company said in a statement.
For the first quarter of 2014, the company reported net loss of $15.9 million, or $0.25 per share, compared to a net loss of $17.5 million, or $0.35 per share, in the same quarter of 2013. It reduced total operating expenses to $16.1 million, compared to $17.3 million for the first quarter 2013 due to decreases in personnel and contract research costs. For full-year 2014, the company continues to expect net cash spend between $54 million and $59 million. The current cash position is projected to fund operations into the second half of 2015.
Amicus Therapeutics Inc. (NASDAQ:FOLD) has market cap of $256.7 million. Shares of the company jumped by 19.46% on Tuesday, hitting $3.99. It has a 52 week high of $4.30 and a 52 week low of $1.77. Analysts have the consensus average target price of $4.00 for the stock.
Other largest shareholders of the company include Jeremy Green’s Redmile Group, which owns around 8.50 million shares, and William Leland Edwards’ Palo Alto Investors, which holds 3.97 million shares.