Morgan Stanley analyst Matthew Harrison downgraded Fulcrum Therapeutics to Equal Weight from Overweight with a price target of $8, down from $27, as the firm sees significant uncertainty on the path to clinical hold resolution for FTX-6058. The firm believes the average clinical hold takes about 12 months to rectify and while it admits "there is clearly precedent for holds to be lifted sooner," it doesn’t expect management to be in a position to have clarity until mid-year and it also cites a lack of other near-term catalysts.
Published first on TheFly
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