Goldman Sachs Upgrades Fulcrum Therapeutics (FULC) to Buy
Goldman Sachs analyst Corinne Jenkins upgraded Fulcrum Therapeutics (NASDAQ: FULC) from Neutral to Buy with a price target of $15.00.
The analyst comments "We upgrade FULC to Buy from Neutral and increase our 12-month price target to $15 (100% upside vs 37% average upside potential for our coverage). We are positive heading into 4Q24 topline data for the Ph3 REACH study of losmapimod in facioscapulohumeral muscular dystrophy (FSHD) based on multiple factors. First, losmapimod has shown positive clinical data on the Ph3 REACH study primary endpoint reachable workspace (RWS) in the prior Ph2b study ReDUX4 (including the open-label extension) with a significant correlation to muscle fat infiltration (MFI) and alignment with patient-reported outcomes (PROs). Together these data provide a concordance of evidence for clinical benefit with the asset, which we view as de-risking. Second, our conversations with KOLs have shown support for losmapimod in FSHD with potential for robust patient uptake of the drug following approval. Last, losmapimod has a significant clinical development lead relative to competitors, setting it up to be a first-in-class agent in FSHD. To this end, we revisit our FSHD market model to adjust the addressable market, commercial launch pace and trajectory, and price, resulting in GSe unadjusted peak sales of $1.8B vs $1.1B prior."
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Shares of Fulcrum Therapeutics closed at $7.47 yesterday.