Massive dark pool trades were detected in FOLD stock on Friday, May 15, 2020. There was three dark pool trades: $35 millon at 3:24 PM, $16 million at 3:00 PM, and $8.4 million also at 3:00 PM. The trades were posted in after-hours so it’s impossible to see how the stock price responded to the dark pool trades in order to guess if it was a buy or sell order. Together, the dark pool trades volume was about 180% of the average daily volume traded in the stock, wow!
On May 11, 2020, Janney Montgomery Scott analyst Yun Zhong reiterates Buy rating and $20 fair value estimate on Amicus shares following the company’s Q1 update, which suggested only modest impacts on both Galafold’s launch and the ongoing clinical programs due to COVID-19. Management reiterated its guidance on 2020 revenue and a top-line Pompe data readout in the first half of 2021, noted Zhong, who sees Amicus having a portfolio of assets at different stages from preclincal to commercial and strong long-term potential from its gene therapy pipeline.
On May 7, 2020, Amicus announces 2020 anticipated milestones:
- Galafold Oral Precision Medicine for Fabry Disease: On track to meet full-year 2020 revenue guidance range of $250 million to $260 million; Continued geographic expansion; Registry and other Phase 4 supportive studies underway.
- AT-GAA for Pompe Disease: Plans to initiate a Rolling Biologics License Application for AT-GAA in 2020, with addition of complete clinical results for PROPEL in 1H2021 to support full approval; Retrospective natural history study data in approximately 100 enzyme replacement therapy treated Pompe patients; Additional supportive studies, including an open-label study in 12- to less than 18-year-old patients.
- Gene Therapy Portfolio: Report further safety and efficacy data in the CLN6 Batten disease Phase 1/2 study and advance regulatory discussions to finalize clinical and regulatory path; Report initial data from the CLN3 Batten disease Phase 1/2 study and advance regulatory discussions to finalize clinical and regulatory path; Continue IND-enabling toxicology work in Pompe disease and progress towards IND; Additional preclinical data expected across multiple programs with disclosure of up to two additional IND candidates; Manufacturing advancements across portfolio
John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics, Inc. stated, “During the first quarter, we have made tremendous progress advancing our mission for patients. Following success in the first quarter, we are on track and well-capitalized to achieve our 2020 key strategic priorities including our global Fabry launch, Pompe late-stage development program, and advancing our industry-leading gene therapy pipeline. In addition, we have taken steps to prioritize our spend and now see our cash runway lasting well into the second half of 2022. Through these efforts, we remain strongly positioned to achieve our vision of delivering groundbreaking new medicines and hopefully, one day, cures for people living with rare diseases.”