The Sole Reason Amicus Therapeutics, Inc. Exploded 29% Higher in July

The Sole Reason Amicus Therapeutics, Inc. Exploded 29% Higher in July

Shares of Amicus Therapeutics (NASDAQ: FOLD), a biopharmaceutical company focused on the development rare-disease drugs, exploded higher by 29% during the month of July, according to data from S&P Global Market Intelligence. The culprit for the decisive move higher is a press release from the company on July 11.

Back in the fall of 2015, the U.S. Food and Drug Administration (FDA) delivered a crushing blow to Amicus' shareholders by requesting more data from the drugmaker regarding its leading drug candidate (at the time), migalastat (brand name, Galafold), as a treatment for Fabry disease. Fabry causes a fatty substance called GL-3 to build up in vital organs, which can lead to life-threatening problems like stroke, heart attack, or kidney failure. The FDA requested Amicus to include data from previous clinical studies before it would consider allowing the company to file for a new drug application. 

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Source: Fool.com