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Amicus Therapeutics (FOLD) Stock Jumps 6.4%: Will It Continue to Soar?

Amicus Therapeutics (FOLD) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the...

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This story originally appeared on Zacks

Amicus Therapeutics FOLD shares rallied 6.4% in the last trading session to close at $10.13. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.4% loss over the past four weeks.

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This surge was most likely attributable to the recovery of the share prices of Amicus Therapeutics after they plunged significantly earlier this week as investors were not impressed with the preliminary sales figures for full year 2021 for Galafold. 

This pharmaceutical company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +51.9%. Revenues are expected to be $85.27 million, up 20.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Amicus Therapeutics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FOLD going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>



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