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

Fulcrum Therapeutics, Inc. (NASDAQ:FULC)’s share price shot up 7.8% 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 trading, an increase of 73% from the average session volume of 703,558 shares. The stock had previously closed at $12.99.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald lifted their price objective on Fulcrum Therapeutics from $15.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fulcrum Therapeutics in a report on Wednesday, October 8th. The Goldman Sachs Group reissued a “positive” rating on shares of Fulcrum Therapeutics in a research report on Monday. HC Wainwright raised their target price on shares of Fulcrum Therapeutics from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Royal Bank Of Canada lifted their target price on shares of Fulcrum Therapeutics from $7.00 to $10.00 and gave the stock a “sector perform” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.50.

Insider Buying and Selling

In other news, major shareholder Ra Capital Management, L.P. sold 4,175,139 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $13.98, for a total transaction of $58,368,443.22. Following the completion of the sale, the insider directly owned 6,053,960 shares in the company, valued at $84,634,360.80. This represents a 40.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert J. Gould sold 15,000 shares of the stock in a transaction on 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 transaction, the director directly owned 484,864 shares in the company, valued at $5,348,049.92. This trade represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Fulcrum Therapeutics during the third quarter valued at approximately $35,000. Farther Finance Advisors LLC increased its stake in Fulcrum Therapeutics by 108.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,112 shares of the company’s stock worth $65,000 after buying an additional 3,697 shares during the period. Russell Investments Group Ltd. boosted its position in Fulcrum Therapeutics by 4,209.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 9,308 shares of the company’s stock valued at $64,000 after buying an additional 9,092 shares during the last quarter. Assetmark Inc. purchased a new position in Fulcrum Therapeutics in the 3rd quarter valued at about $88,000. Finally, Jump Financial LLC acquired a new stake in shares of Fulcrum Therapeutics during the first quarter valued at about $30,000. 89.83% of the stock is owned by hedge funds and other institutional investors.

Fulcrum Therapeutics Price Performance

The firm has a market capitalization of $746.86 million, a PE ratio of -11.69 and a beta of 3.17. The stock has a 50-day moving average price of $9.65 and a 200-day moving average price of $8.03.

Fulcrum Therapeutics (NASDAQ:FULC) last released its quarterly 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). As a group, 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.