Stifel Downgrades Fulcrum Therapeutics (FULC) to Hold

Stifel analyst Dae Gon Ha downgraded Fulcrum Therapeutics (NASDAQ: FULC) from Buy to Hold with a price target of $3.00 (from $22.00).

The analyst comments "Disappointing Ph.3 REACH outcome (LINK) is a significant hit to our optimism in the stock and the near-to-medium term growth prospects for the company. Suspending future development of losmapimod shifts the focus to pociredir in sickle cell disease (SCD), with next update expected in 2025. With $273.8M (2Q24) in cash, and the expected operational streamlining post-REACH, we expect sufficient resources to reach (potentially multiple) important milestones for pociredir; however, with less visibility on the enrollment progress, lingering safety questions on investors' minds, and debates surrounding its TAM, we think it will take some time for investor sentiment to improve. We were wrong in our optimism for pre-REACH and now, we'd look for a better entry point ahead of the next update(s). Updating our model; downgrading FULC to Hold with a decreased TP of $3 (vs. Buy-rated and $22 TP previously)."

For an analyst ratings summary and ratings history on Fulcrum Therapeutics click here. For more ratings news on Fulcrum Therapeutics click here.

Shares of Fulcrum Therapeutics closed at $8.85 yesterday.

You May Also Be Interested In

• Citi Downgrades Delivery Hero SE (DHER:GR) (DLVHF) to Neutral
• Evercore Issues Tactical Calls into Earnings
• Meta Platforms Inc. (META) PT Raised to $663 at Stifel