Fulcrum Therapeutics (NASDAQ:FULC) Sees Strong Trading Volume on Analyst Upgrade

Fulcrum Therapeutics, Inc. (NASDAQ:FULC) saw strong trading volume on Wednesday 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. 1,599,563 shares changed hands during mid-day trading, an increase of 123% from the previous session’s volume of 717,870 shares.The stock last traded at $13.86 and had previously closed at $14.60.

FULC has been the subject of several other reports. Piper Sandler reiterated an “overweight” rating and issued a $23.00 price target (up from $16.00) on shares of Fulcrum Therapeutics in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Fulcrum Therapeutics in a report on Wednesday, October 8th. HC Wainwright lifted their target price on Fulcrum Therapeutics from $18.00 to $25.00 and gave the company a “buy” rating in a report on Monday. Citigroup reiterated an “underperform” rating on shares of Fulcrum Therapeutics in a research report on Monday. Finally, The Goldman Sachs Group reissued a “positive” rating on shares of Fulcrum Therapeutics in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fulcrum Therapeutics currently has an average rating of “Hold” and a consensus target price of $18.50.

Insider Transactions at Fulcrum Therapeutics

In other Fulcrum Therapeutics news, Director Robert J. Gould sold 15,000 shares of the company’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 transaction, the director directly owned 484,864 shares in the company, valued at $5,348,049.92. This represents a 3.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ra Capital Management, L.P. sold 4,175,139 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $13.98, for a total value of $58,368,443.22. Following the completion of the sale, the insider directly owned 6,053,960 shares in the company, valued at approximately $84,634,360.80. The trade was a 40.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fulcrum Therapeutics

Several hedge funds have recently bought and sold shares of FULC. Suvretta Capital Management LLC grew its stake in Fulcrum Therapeutics by 5.9% in the 3rd quarter. Suvretta Capital Management LLC now owns 5,381,000 shares of the company’s stock worth $49,505,000 after buying an additional 298,100 shares in the last quarter. Nantahala Capital Management LLC raised its position in shares of Fulcrum Therapeutics by 0.9% during the 1st quarter. Nantahala Capital Management LLC now owns 4,822,693 shares of the company’s stock valued at $13,889,000 after buying an additional 42,985 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Fulcrum Therapeutics by 53.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,589,000 shares of the company’s stock worth $31,572,000 after acquiring an additional 1,589,000 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Fulcrum Therapeutics by 8.4% in the third quarter. Balyasny Asset Management L.P. now owns 1,450,480 shares of the company’s stock worth $13,344,000 after acquiring an additional 112,266 shares in the last quarter. Finally, Exome Asset Management LLC grew its position in Fulcrum Therapeutics by 143.0% in the first quarter. Exome Asset Management LLC now owns 689,137 shares of the company’s stock worth $1,985,000 after acquiring an additional 405,538 shares in the last quarter. 89.83% of the stock is currently owned by institutional investors.

Fulcrum Therapeutics Price Performance

The stock has a 50 day moving average of $9.65 and a 200 day moving average of $8.03. The firm has a market cap of $746.86 million, a P/E ratio of -11.69 and a beta of 3.17.

Fulcrum Therapeutics (NASDAQ:FULC) last issued its quarterly earnings results on Wednesday, October 29th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.02). On average, research analysts predict that Fulcrum Therapeutics, Inc. will post -0.16 EPS 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.