Pentwater Capital Management 13F: Adds $36M to FOLD Stake

Pentwater Capital Management expanded its investment in Amicus Therapeutics Inc (NASDAQ: FOLD) by acquiring 2,500,000 shares. This transaction grew the fund's position by 21.7%, resulting in a total of 14,000,000 shares. The firm's holdings are valued at $202.86 million, based on its latest Form 13F filing submitted to the Securities and Exchange Commission for the quarter ended May 15, 2026.

Pentwater's Event-Driven Strategy on Amicus

Pentwater Capital Management is known for its event-driven and merger arbitrage strategies. The fund typically seeks out situations where a corporate event, like a buyout or restructuring, offers a clear path to value. This strategy aligns with recent corporate developments at Amicus. BioMarin Pharmaceutical Inc. finalized its acquisition of Amicus on April 27, 2026. Pentwater’s decision to build on its position in FOLD follows a pattern of targeted corporate actions. On the same filing date, the firm disclosed much smaller, brand-new positions in CoreCivic, Inc. and Medline Inc., taking 50,000 shares in each. While those new positions are valued under $2 million each, the Amicus stake is a major commitment.

Inside the Position Change

Before this adjustment, Pentwater held 11,500,000 shares. Raising the holding to 14,000,000 shares represents a substantial vote of confidence in the rare-disease specialist. The average cost basis for Pentwater's stake is $12.19 per share. This buildup comes after some notable exits from other prominent healthcare funds. For instance, Avoro Capital Advisors closed out its entire position in Amicus back in mid-February, selling off more than 15 million shares. Pentwater has stepped in to absorb a large block of shares as the company transitions under its new parent.

Amicus Therapeutics Stock Performance

Shares of Amicus were trading at $14.49 on Sunday, hovering near the peak of its 52-week trading range of $5.51 to $14.50. The stock has shown steady upward momentum over the long term, with its 50-day moving average calculated at $14.40 and its 200-day moving average at $10.88.

Recent Financial Results

Amicus reported total revenue of $634.21 million, showing strong top-line growth of 23.7% year-over-year. However, the biotechnology developer is not yet profitable. The company posted an earnings per share loss of $0.09, alongside a net margin of negative 4.28% and a return on equity of negative 11.58%. It maintains a current ratio of 2.84 and a quick ratio of 1.72, showing solid short-term liquidity.

About Amicus Therapeutics

Amicus Therapeutics focuses on discovering and commercializing therapies for rare diseases. Its key products include Galafold for Fabry disease and Pombiliti + Opfolda for late-onset Pompe disease. The company also partners with other pharmaceutical developers, such as GlaxoSmithKline and Dimerix Limited, to advance its clinical pipeline.

What's Ahead for Amicus Therapeutics Inc

Investors will likely monitor subsequent regulatory filings to see if Pentwater maintains this large position now that Amicus operates as a BioMarin subsidiary. It is worth noting that 13F filings are backward-looking and reflect holdings as of the reporting date, meaning they do not necessarily reflect current portfolio decisions.