JPMorgan ups Amicus target to $19, adds to Analyst Focus List

JPMorgan raised the firm’s price target on Amicus to $19 from $17 and keeps an Overweight rating on the shares. The analyst also added Amicus to the firm’s U.S. Equity Analyst Focus List as a value play citing the “underappreciated potential” of Galafold in Fabry disease and Pombiliti plus Opfolda in Pompe disease long-term, as well as the stock’s valuation. Post the approval of Pombiliti plus Opfolda, Amicus shares are only trading incrementally ahead of the value of Galafold alone, based on the firm’s model, which is $9-$10 per share. It views the “valuation disconnect as creating an attractive entry point with upside conservatively to the mid-to-high teens / share level.”