Amicus Therapeutics, Inc. (NASDAQ: FOLD) is having an incredibly strong day in the market today. However, much like many of the big runs that we’ve seen in the market today, there hasn’t been any news released by the company that would suggest that these gains were coming. No press releases issued no SEC filings published. Nonetheless, there is a good reason for the gains. Today, we’ll talk about:
- Why FOLD is headed up;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Here’s Why FOLD Is Gaining
As mentioned above, Amicus Therapeutics is having a strong day in the market today, but the company has released no news that would suggest that these gains were coming. Nonetheless, there is a good reason for the move.
A recent report by Insider Monkey has investors buzzing about interest from money managers. In fact, the report outlined data that they say shows that FOLD stock is among the 30 most popular stocks among hedge funds.
According to the report, 30 hedge funds currently have long positions in the stock. That number was up by 11% quarter over quarter. The largest stake held in FOLD is held by Perceptive Advisors. The company reported a holding of $250.2 million in the stock at the end of September. venBio Select Advisors came in second place with a $112.8 million posiition in the stock.
Nonetheless, the report proved to be an exciting point for investors. After all, smart money tends to follow big money, and when it comes to big money, FOLD is a stock that is worth some attention.
What We’re Seeing From The Stock
At the end of the day, it’s not uncommon for a stock with high levels of institutional interest to see gains in value when that institutional interest comes to light. That seems to be the exact thing that is happening with regard to Amicus Therapeutics. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (2:48), FOLD is trading at $10.65 per share after a gain of $0.73 per share or 7.36% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on FOLD. In particular, we’re interested in following the news surrounding the growing institutional interest as well as the company’s efforts with regard to the development of its impressive pipeline of candidates. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the iWatch Markets mailing list below!