Amicus (NASDAQ:FOLD) Therapeutics, Inc. (NASDAQ:FOLD) President and CEO Bradley L. Campbell has recently sold 7,500 shares of the company's common stock, according to a new SEC filing. The transaction, dated June 3, 2024, was executed at an average price of $10.00 per share, resulting in a total sale amount of $75,000.
The same filing also revealed that on the same date, Mr. Campbell acquired an equal number of shares at a price of $8.61 each. This purchase totaled $64,574, reflecting the company's robust insider activity.
Additionally, the filing noted the exercise of stock options for 7,500 shares. After this transaction, Mr. Campbell's direct ownership in non-derivative securities of Amicus Therapeutics stands at 886,654 shares. It was also mentioned that all of the options exercised were fully vested and exercisable as of the transaction date.
It's important to note that all transactions reported were carried out under a Rule 10b5-1 trading plan, which was adopted by the reporting person on August 23, 2023. This plan allows company insiders to set up a predetermined plan to sell company stocks, which is designed to prevent any accusations of insider trading.
Investors and stakeholders of Amicus Therapeutics often monitor insider buying and selling as an indicator of management's confidence in the company's prospects. The recent transactions by the CEO might therefore be of particular interest to the market.
In other recent news, Amicus Therapeutics has been making significant strides. The biotechnology company reported a robust first quarter in 2024, with a 28% year-over-year increase in total revenue, reaching $110 million. This growth was largely attributed to the company's leading product, Galafold, which contributed $99 million to the revenue, marking a 16% rise from the previous year. As a result of these developments, Amicus raised its full-year revenue growth forecast from 11-16% to 13-17%.
In addition to these earnings results, Wells Fargo recently set an Overweight rating on Amicus Therapeutics' stock. The firm's optimism is driven by the launch of Amicus' drug, PomOp, which was approved by the FDA and is aimed at the Pompe disease market. Wells Fargo's analysts project $72 million in revenue for Amicus in 2024 from this drug, surpassing the consensus and the company's own guidance.
Amicus has also launched Pombiliti and Opfolda for Pompe disease, which have shown promising initial uptake in several countries. These recent developments, combined with the raised revenue growth forecast, indicate a positive outlook for Amicus Therapeutics' performance in the near future.
InvestingPro Insights
Amicus Therapeutics, Inc. (NASDAQ:FOLD) has been a topic of interest following the insider transactions by its President and CEO, Bradley L. Campbell. In the context of these trades, a closer look at the company's financial health and market performance through InvestingPro's lens offers additional insights. The company boasts an impressive gross profit margin, with the last twelve months as of Q1 2024 showing a remarkable 89.62%, indicating efficient operations and strong pricing power. Moreover, Amicus Therapeutics has seen a notable return over the last week, with a 8.12% price total return, reflecting positive short-term investor sentiment.
InvestingPro Tips suggest that net income is expected to grow this year, which aligns with the insider trading activity that may signal confidence in the company's future profitability. Additionally, analysts predict that the company will be profitable this year, which could be a driving factor behind the CEO's recent stock transactions.
From a valuation standpoint, the company's Price / Book ratio stands at a high 23.75 as of the last twelve months, which may indicate the stock is trading at a premium compared to its book value. However, with a market capitalization of $3.11 billion and revenue growth of 25.74% over the last twelve months, investors might find the company's growth prospects compelling.
For those seeking a deeper dive into Amicus Therapeutics' financials and future outlook, InvestingPro offers a wealth of additional tips. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 10 InvestingPro Tips for Amicus Therapeutics at https://www.investing.com/pro/FOLD. These tips provide a comprehensive analysis that can help investors make more informed decisions.
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