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Investing.com - RBC Capital raised its price target on Fulcrum Therapeutics (NASDAQ:FULC) to $5.00 from $4.00 on Wednesday, while maintaining a Sector Perform rating on the stock. The company’s shares have shown remarkable momentum, posting an 81.6% gain over the past six months, according to InvestingPro data, which offers comprehensive analysis of over 1,400 US stocks.
The price target adjustment follows Fulcrum’s second-quarter report, which showed its drug Pociredir at the 12 mg dose increases HbF (hemoglobin F) by 8.6%. This result is comparable to the approximately 8% increase previously observed at the lower 6 mg dose, though the company noted different inclusion/exclusion criteria make direct comparisons difficult. InvestingPro analysis shows the company maintains strong financial health with a current ratio of 28.7, indicating robust liquidity to support its drug development programs.
On anemia measures, the company reported 44% of patients achieved more than 1 g/dl increase in total hemoglobin, which RBC noted is comparable to the 51% shown by Oxbryta. Fulcrum also demonstrated a favorable trend in reduction of vaso-occlusive crises (VOC), though the sample size was small and data was compared to historical controls.
Safety data appeared positive with all treatment-related adverse events being grade 1. The drug’s development is significant as it represents a potential convenient oral treatment option for sickle cell disease (SCD).
RBC indicated that while current data confirms Fulcrum is likely to have a viable oral drug for SCD, the upcoming 20 mg dose results expected later this year will be important to better understand the drug’s profile, as the high-single-digit increases in HbF seen to date fall short of the 15%+ threshold that RBC’s key opinion leaders view as clinically meaningful.
In other recent news, Fulcrum Therapeutics has reported promising results from its PIONEER Phase 1b trial for pociredir, a treatment for sickle cell disease. The trial data revealed a mean increase of 8.6% in fetal hemoglobin levels and improvements in key disease markers, with seven out of sixteen patients achieving fetal hemoglobin levels greater than 20%. Despite these positive results, the company’s stock experienced a decline after the announcement. H.C. Wainwright upgraded Fulcrum Therapeutics from Neutral to Buy, raising its price target from $4.00 to $12.00. This upgrade followed the new trial data, which showed significant improvements in hematologic and hemolytic parameters. The company plans to present the topline results from the trial in an upcoming conference call, featuring expert insights from Dr. Sheinei Alan and Dr. Wally Smith. These developments indicate a focus on advancing treatments for sickle cell disease. Investors and analysts are closely monitoring the company’s progress in this area.
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