Shares of Amicus Therapeutics (FOLD) shot up more than 20% and printed the tape at a 52-week high of $5.47 on Wednesday after the company released positive data on its pill, migalastat, for Fabry disease – a rare genetic disorder in which fat builds up in the body – saying its Fabry disease treatment drug met its primary endpoints in a Phase 3-stage study.
“Given these results and the great need for new and effective medicines, we plan to work with European and U.S. regulators to determine the fastest way to get migalastat approved for all amenable Fabry patients,” Chief Executive John F. Crowley said in a news release.
Amicus Therapeutics is a biopharmaceutical company that focuses on the discovery, development, and commercialization of medicines for various rare and orphan diseases. In the past 52 weeks, the stock of the Cranbury, New Jersey-based firm has traded between a low of $1.76 and a high of $4.57.
The chart below shows where the equity has traded over the last 52 weeks, with the 50-day and 200-day MAs included.
FOLD is up 22% to $5.58 as of 11:27 a.m. ET. More than 16 million shares have already changed hands, compared to the average 3-month volume of 1.6 million.