Fulcrum Therapeutics move lower ‘overdone,’ says Stifel

Stifel analyst James Condulis tells investors that the move lower in Fulcrum Therapeutics (FULC) this morning “surprises us” and looks “overdone.” While the firm believes some thought total mean HbF may comfortably be greater than 20% given the strength of the initial cut at ASH, the firm thinks “overly nitpicking 19.3% is splitting hairs and misses the bigger picture” as these data surpassed the physician “bar” and that pociredir is reaching HbF levels expected to be highly protective of disease. Even with a rebound this morning, shares significantly discount a soon-to-be late-stage asset with a validated mechanism of action in the white-space sickle cell disease market, argues the analyst, who has a Buy rating and $25 price target on Fulcrum shares.