Oppenheimer reiterates Outperform on Fulcrum Therapeutics stock ahead of data

Investing.com - Oppenheimer has reiterated an Outperform rating and $15.00 price target on Fulcrum Therapeutics (NASDAQ:FULC) stock ahead of upcoming pociredir data. The stock, currently trading at $9.20, has shown remarkable momentum, sitting near its 52-week high of $9.30. According to InvestingPro data, analyst targets range from $5 to $15, with the stock currently showing signs of being overbought.

The research firm noted that the upcoming pociredir data readout is more "icing on the cake" rather than a major binary event, as the firm already believes pociredir showed drug-like properties at the lower 12 mg dose.

Oppenheimer expects Fulcrum shares to continue rising absent any toxicity issues or significant efficacy decline, though it acknowledges investor expectations may be elevated following the stock’s 80% year-to-date gain compared to the XBI’s 9% increase.

Based on field work, Oppenheimer believes investors are looking for a 10% or higher HbF improvement, which the firm considers achievable based on prior healthy volunteer data.

The research firm included a scenario analysis in its report while maintaining its Outperform rating and $15 price target on Fulcrum Therapeutics stock.

In other recent news, Fulcrum Therapeutics has reported positive data from its Phase 1b PIONEER trial for the sickle cell disease treatment, pociredir. The trial results showed a mean increase of 8.6% in fetal hemoglobin levels from baseline after 12 weeks of treatment, with 7 out of 16 patients achieving fetal hemoglobin levels greater than 20%. This data was considered promising as higher fetal hemoglobin levels are linked to reduced vaso-occlusive crises in patients. Following these results, H.C. Wainwright upgraded Fulcrum Therapeutics’ stock rating from Neutral to Buy, significantly raising its price target to $12.00. RBC Capital also adjusted its price target on Fulcrum Therapeutics, increasing it to $5.00 while maintaining a Sector Perform rating. Despite the positive trial results, Fulcrum’s stock experienced a decline, reflecting investor sentiment. The company highlighted improvements in key hematologic and hemolytic parameters, further underscoring the potential of pociredir in treating sickle cell disease. These developments mark a significant step for Fulcrum Therapeutics in its ongoing clinical research efforts.

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