Oppenheimer not surprised by Agios data, continues to favor Fulcrum approach

Oppenheimer analyst Matthew Biegler notes that Fulcrum Therapeutics’ (FULC) shares are rallying this morning in the wake of Agios’ (AGIO) failed RISE UP trial. Investors are likely viewing the outcome as removing a potential competitor to Fulcrum in sickle cell disease. Oppenheimer is not entirely surprised by the result. RISE UP ended up resembling HOPE: Marginal improvements in hemoglobin that trended but didn’t reach statistical significance on vaso-occlusive crises. The firm continues to favor Fulcrum’s approach, which induces fetal hemoglobin rather than indirectly modifying hemoglobin. There’s simply more evidence translating HbF levels to clinical benefit in SCD. Fulcrum will present additional data from PIONEER at ASH, and Oppenheimer thinks that could cement its position as the go-to oral option of the future. The firm reiterates an Outperform rating on Fulcrum.