Meanwhile, Amicus Therapeutics, Inc. (NASDAQ:FOLD)’s shares are up by a more modest yet still significant 8.72% on the back of Chardan Capital upgrading the stock to a rating of ‘Buy’ from ‘Neutral’, despite lowering its price target to $8 per share from $17.50 per share. The upgrade comes after the firm’s shares dove by 54% on Friday after the company announced that it expects it will no longer be in a position to file for a new drug application (NDA) for its drug migalastat, which was being studied for the treatment of Fabry disease. Just two weeks before the announcement last week, the firm said that based on a pre-NDA meeting with the U.S. Food and Drug Administration, it expected to file an application for the drug by the end of the year.
Hedge funds were very bullish on Amicus Therapeutics, Inc. (NASDAQ:FOLD) in the second quarter, having some $687 million invested in the firm’s stock, giving them ownership of about 42% of the company’s float. These holdings grew by nearly 32% in the second quarter, mostly due to the greater than 30% growth in the stock’s price during that time. There were 31 hedge funds in our database long on Amicus Therapeutics, up by five from the previous quarter. Joseph Edelman’s Perceptive Advisors owned 14.44 million Amicus Therapeutics shares by June 30.
Oasis Petroleum Inc. (NYSE:OAS), on the other hand, is up by 7.92% as oil prices climb. WTI crude oil for November delivery is up by 2.74% while Brent crude oil for November delivery is 3.45% in the green. The price of oil is rising after Russia said it was willing to meet other major oil producers to talk about the market, notes a report from Reuters. If a meeting between Russia and OPEC and non-OPEC oil producers to discuss the market is called, the country signaled its willingness to attend.
Hedge funds were similarly bullish on Oasis Petroleum Inc. (NYSE:OAS) in the second quarter. Total aggregate value of holdings increased by 11.80%, in line with the stock’s 11.46% growth in the quarter, to $868 million or over 39% of Oasis Petroleum’s market capitalization. There were 28 hedge funds with long positions in the firm by June 30, down by four from a quarter ago. John H. Scully’s SPO Advisory Corp owned 20.37 million shares of the energy firm by the end of June.