Why Fulcrum Therapeutics Shares Are Soaring Today

Fulcrum Therapeutics Inc FULC is surging higher Tuesday after the company reported results from 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.

Fulcrum Therapeutics also announced better-than-expected second-quarter financial results today.

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.

"Driven by our focus on the patient and our ability to rapidly identify novel, high quality targets that modulate the root cause of genetically defined rare diseases, we are on track to submit two investigational new drug applications (INDs) by the end of the first quarter of 2023," Stuart said.

Fulcrum Therapeutics is a clinical-stage biopharmaceutical company that developed a proprietary product engine used to identify and validate cellular drug targets that can modulate gene expression.

Price Action: Fulcrum Therapeutics is making a new 52-week high in trading today.

At last check Tuesday, the stock was up 140% at $19.99.

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