Why Are Fulcrum Therapeutics Shares Trading Higher Today?

Fulcrum Therapeutics Inc FULC is trading higher again Wednesday after the stock saw positive analyst coverage following the company's better-than-expected financial results and announcement that its Phase 1 study of FTX-6058 for sickle cell disease showed proof of mechanism and proof of biology.

“We are very pleased with the interim results from this clinical trial of FTX-6058, which demonstrated compelling results across all primary, secondary, and exploratory endpoints included in this study,” said Bryan Stuart, president and CEO of Fulcrum Therapeutics.

The company reported a quarterly earnings loss of 60 cents per share, which beat the estimate for a loss of 62 cents per share. Fulcrum Therapeutics reported quarterly revenue of $4.4 million, which was up from $2 million year over year.

Morgan Stanley analyst Matthew Harrison upgraded Fulcrum Therapeutics from Equal-Weight to Overweight and announced a $34 price target.

Credit Suisse analyst Judah Frommer maintained Fulcrum Therapeutics with an Outperform rating and raised the price target from $20 to $30.

Price Action: Fulcrum Therapeutics has traded as high as $22.08 and as low as $6.85 over a 52-week period.

At last check Wednesday, the stock was up 21.2% at $21.76.

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