Bank of America Lowers Fulcrum Therapeutics (NASDAQ:FULC) to Underperform

Fulcrum Therapeutics (NASDAQ:FULC) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Thursday, MarketBeat.com reports. They presently have a $2.00 price objective on the stock, down from their previous price objective of $10.00. Bank of America‘s price target indicates a potential downside of 37.11% from the company’s previous close.

Other analysts have also issued reports about the stock. Cantor Fitzgerald lowered shares of Fulcrum Therapeutics from an “overweight” rating to a “neutral” rating in a report on Thursday. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Fulcrum Therapeutics in a report on Thursday, August 1st. Finally, Stifel Nicolaus lowered shares of Fulcrum Therapeutics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $22.00 to $3.00 in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Fulcrum Therapeutics has an average rating of “Hold” and an average price target of $9.33.

Fulcrum Therapeutics Price Performance

NASDAQ FULC opened at $3.18 on Thursday. The stock has a market capitalization of $197.65 million, a PE ratio of -1.99 and a beta of 2.23. Fulcrum Therapeutics has a 1 year low of $2.87 and a 1 year high of $13.70. The business’s 50-day moving average is $8.41 and its 200 day moving average is $8.29.

Fulcrum Therapeutics (NASDAQ:FULC) last posted its earnings results on Wednesday, July 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.93. The company had revenue of $80.00 million for the quarter, compared to analysts’ expectations of $80.00 million. Fulcrum Therapeutics had a negative return on equity of 8.28% and a negative net margin of 3,470.05%. During the same period last year, the firm earned ($0.38) earnings per share. As a group, equities research analysts anticipate that Fulcrum Therapeutics will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On Fulcrum Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Fulcrum Therapeutics by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,538,665 shares of the company’s stock valued at $23,965,000 after purchasing an additional 18,681 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Fulcrum Therapeutics by 13.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,480,926 shares of the company’s stock worth $9,182,000 after acquiring an additional 176,114 shares in the last quarter. Vestal Point Capital LP purchased a new position in shares of Fulcrum Therapeutics during the fourth quarter valued at approximately $6,919,000. ADAR1 Capital Management LLC purchased a new position in shares of Fulcrum Therapeutics during the fourth quarter valued at approximately $4,302,000. Finally, Jane Street Group LLC boosted its position in shares of Fulcrum Therapeutics by 54.3% during the first quarter. Jane Street Group LLC now owns 535,062 shares of the company’s stock valued at $5,051,000 after buying an additional 188,212 shares during the period. 89.83% of the stock is owned by institutional investors.

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.