Fulcrum Therapeutics price target lowered to $26 from $30 at Oppenheimer

Oppenheimer analyst Matthew Biegler lowered the firm’s price target on Fulcrum Therapeutics to $26 from $30 on financing-related dilution, while keeping an Outperform rating on the shares after touching base with management following "what’s been a busy few weeks for the company"-announcing a $125M financing on the heels of what he viewed as de-risking data from FTX-6058. Feedback from the buyside has been positive, the analyst notes, with observed dosing appearing to be making an impact on non-compliance. Although it’s only an "n of 1," that one patient on stable hydroxyurea with a clear response goes a long way toward refuting a prevalent short thesis. Concern over the C-suite turnover has also largely petered out, and "with the coffers full," Biegler thinks the stock could continue to run.