New Fabry Drug Report Drags Amicus Down

Boston, MA 02/19/2013 (wallstreetpr) – Amicus Therapeutics, Inc. (NASDAQ:FOLD) had been working on a drug called migalastat. This drug was being developed for the treatment of a rare genetic disorder named Fabry disease which is caused when body cells buildup a certain type of fat. This fat is highly detrimental to the health in that it does irrevocable damage to the nervous system as well as the kidneys.

The company stocks have been devalued by 50% since Dec 19th, 2012. Amicus and GlaxoSmithKline plc (ADR) (NYSE:GSK), its partner had made a joint announcement then that the drug had failed to meet its main goal. This report had already made a negative impact on the performance of its stocks and in its wake came the most current announcement.

The latest negative secondary goal results reported by Amicus Therapeutics Inc (NASDAQ:FOLD) post certain clinical trials, brought its shares tumbling down by $1 to $2.89. This was a drop of 25.7 percent.

Amicus Therapeutics, Inc. (NASDAQ:FOLD) shares were down by 25.71% to $2.89.

GlaxoSmithKline plc (ADR) (NYSE:GSK) shares were down by 0.09% to $45.62.

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Published by Christine Lawrence

Christine Lawrence is a financial analyst. She loves analyzing socioeconomic trends in the background of financial moves. She has overall seven years of experience in Auditing, Finance and Writing.

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