Morgan Stanley upgraded Amicus (FOLD) to Overweight from Equal Weight with a price target of $108, up from $102. The firm said it the upgrade is based on its favorable view of Amicus’ intellectual property position heading into summary judgment with Aurobindo and longer term confidence in patients switching from Nexviazyme/Lumizyme to PomOp. The firm also noted that the Q1 miss was driven by order timing and the higher UK Voluntary Scheme for Branded Medicines Pricing and Access rebate rate of 22%, compared to the anticipated 12%-15%, reflected in the updated guidance.
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