Fulcrum Therapeutics (NASDAQ:FULC) Trading Up 7.8% After Analyst Upgrade

Fulcrum Therapeutics, Inc. (NASDAQ:FULC)’s share price traded up 7.8% during trading on Tuesday after Bank of America raised their price target on the stock from $6.00 to $7.00. Bank of America currently has an underperform rating on the stock. Fulcrum Therapeutics traded as high as $13.63 and last traded at $14.0040. 1,213,935 shares changed hands during mid-day trading, an increase of 73% from the average session volume of 703,558 shares. The stock had previously closed at $12.99.

Other analysts also recently issued research reports about the stock. Leerink Partners set a $20.00 target price on shares of Fulcrum Therapeutics and gave the company an “outperform” rating in a research report on Tuesday, October 21st. Royal Bank Of Canada increased their price objective on shares of Fulcrum Therapeutics from $7.00 to $10.00 and gave the stock a “sector perform” rating in a research report on Monday. Cantor Fitzgerald lifted their target price on shares of Fulcrum Therapeutics from $15.00 to $24.00 and gave the stock an “overweight” rating in a research note on Monday. Stifel Nicolaus set a $25.00 price target on shares of Fulcrum Therapeutics in a research report on Monday. Finally, The Goldman Sachs Group reiterated a “positive” rating on shares of Fulcrum Therapeutics in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.50.

Insiders Place Their Bets

In related news, Director Robert J. Gould sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $11.03, for a total value of $165,450.00. Following the completion of the sale, the director directly owned 484,864 shares of the company’s stock, valued at $5,348,049.92. The trade was a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Fulcrum Therapeutics

A number of hedge funds have recently added to or reduced their stakes in FULC. PharVision Advisers LLC acquired a new position in shares of Fulcrum Therapeutics during the third quarter worth approximately $220,000. Quarry LP bought a new stake in Fulcrum Therapeutics during the 3rd quarter valued at $35,000. Nantahala Capital Management LLC increased its stake in Fulcrum Therapeutics by 8.9% during the 3rd quarter. Nantahala Capital Management LLC now owns 4,670,784 shares of the company’s stock valued at $42,971,000 after purchasing an additional 382,485 shares in the last quarter. Millennium Management LLC raised its holdings in Fulcrum Therapeutics by 42.7% during the third quarter. Millennium Management LLC now owns 150,867 shares of the company’s stock worth $1,388,000 after buying an additional 45,174 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in shares of Fulcrum Therapeutics in the third quarter valued at $141,000. Institutional investors and hedge funds own 89.83% of the company’s stock.

Fulcrum Therapeutics Price Performance

The business’s fifty day moving average price is $9.56 and its 200-day moving average price is $7.99. The stock has a market capitalization of $790.12 million, a price-to-earnings ratio of -12.37 and a beta of 3.17.

Fulcrum Therapeutics (NASDAQ:FULC) last posted its earnings results on Wednesday, October 29th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.02). Equities research analysts predict that Fulcrum Therapeutics, Inc. will post -0.16 earnings per share for the current fiscal year.

About Fulcrum Therapeutics

Fulcrum Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing products for improving the lives of patients with genetically defined diseases in the areas of high unmet medical need in the United States. Its product candidates are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy is under phase III clinical trial; and pociredir, a fetal hemoglobin inducer for the treatment of sickle cell disease and beta-thalassemia is under phase I clinical trial.